A person wants to distribute a sum of Rs. 390300 between his two sons, who are respectively 13 years and 15 years old at 4% per annum compounded annually in such a way that at the age of 18 years both receives equal amount. Find the share of younger son.
Answer & explanation
Correct answer: option 1
Let the share of younger son P1 and elder son is P2
Time for younger son = 5 years
Time for elder son = 3 years
ATQ,
⇒ P1(1 + \(\frac{4}{100}\))5 = P2(1+\(\frac{4}{100}\))3
⇒ P1(1 + \(\frac{4}{100}\))2 = P2
⇒ P1(1 + \(\frac{26}{25}\))2 = P2
Hence,
P1 : P2 ⇒ P
625 : 676 ⇒ 1301
⇒ P = 1301R = 390300
⇒ 1R = 300
⇒ Share of younger son (P1) = 625R = 625 × 300 = 1,87,500