Question

Jagan Babu was admitted in ICU. So, he wants to divide his saving of Rs. 25 lakhs between his son and his daughter aged 7.5 years and 15 years such that they may get equal amount when each of them reach the age of 20 years. The amount of Rs. 25 lakhs has invested at 10% simple interest. How much amount did the daughter get ?
1. 25 lakhs
2. 15 lakhs
3. 20 lakhs
4. 21 lakhs

Answer 1

Correct Answer - Option 2 : 15 lakhs

Given∶

Rs. 25 lakhs has to be divided equally among his son and daughter.

Age of son is 7.5 years while daughter aged 15 years.

Money invested at 10% simple interest.

Formula Used∶

Basics of simple interest.

S.I. = PRT/100

Calculation∶

Let s. x be the amount that the daughter get.

So, the son get = (25,00,000  - x)

The daughter's money earns interest for = (20 - 15) = 5% @ 10% p.a. simple interest.

The son's money earns interest for = (20 - 7.5) = 12.5% @ 10% p.a. simple interest.

As the sum of money that each of the child get when they are 20 years is the same

So, x + (5 × 10 × x)/100 = (25,00,000 - x) + [12.5 × 10 × (25,00,000 - x)/100]

⇒ x + 50x/100 = (25,00,000 - x) + [(125/100) × 25,00,000 - 125x/100]

⇒ 2x + 50x/100 + 125x/100 = 25,00,000 × (1 + 5/4)

⇒ (200x + 50x + 125x)/100 = 9/4 × 25,00,000

⇒ 375x/100 = 9/4 × 25,00,000

⇒ 15x = 9 × 25,00,000

⇒ x = 15,00,000

∴ His daughter get Rs. 15 lakhs.