A sum of ₹24000 is left by will by a father to be divided between two sons of 13 and 15 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 present to each son.
Answer & explanation
Correct answer: option 4
Let the sum alloted to son1 be P₁ and son2 be P₂ = 24000 - P₁
\(\frac{P₁ x 125 }{100}\) = \(\frac{P₂ x 115}{100}\)
P₁ x 25 = (24000 - P₁) x 23
P₁ = 11,500
⇒ P₂ = 24000 - 11500 = 12,500