Question
Download Solution PDFAshok left a will of Rs.48300 for his two sons whose age are 16 and 17 years. They must get equal amounts when they are 19 years at 10% compound interest. Find the present share of the younger son. (In
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Total will amount = Rs.48300
Age of younger son = 16 years
Age of elder son = 17 years
Both should receive equal amounts when they are 19 years old.
Rate of compound interest = 10% per annum
Formula Used:
Future Value (FV) = Present Value (PV) × (1 + r)t
Calculation:
Let the present share of the younger son = Rs. x.
Let the present share of the elder son = Rs. (48300 - x).
The future value for the younger son:
FV (younger) = x × (1 + 0.10)3
The future value for the elder son:
FV (elder) = (48300 - x) × (1 + 0.10)2
Both future values should be equal:
⇒ x × (1.1)3 = (48300 - x) × (1.1)2
⇒ x × (1.1) = (48300 - x)
⇒ 2.1x = 48300
⇒ x = 23000
Present share of the younger son = Rs. 23000
Therefore, the correct option is 2.
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