A sum of ₹18750 is left by will by a father to be divided between two sons of 12 and 14 years of age, so that when they attain maturity at 18, the amount received by each at 5% simple interest will be the same. Find the sum allotted at percent to each son.
Answer & explanation
Correct answer: option 4
Let the sum alloted to son1 be P₁ and son2 be P₂ = 18750 - P₁
\(\frac{P₁ x 130 }{100}\) = \(\frac{P₂ x 120}{100}\)
P₁ x 13 = (18750 - P₁) x 12
P₁ = 9000
⇒ P₂ = 18750 - 9000 = 9750