Joseph deposited a total of Rs52,500 in a bank in the names of his two daughters aged 15 years and 16 years in such a way that
they would get equal amounts when they become 18 years old. If the bank gives 10', compound interest compounded annually,
then what is the amount (in Rs) that Joseph had deposited in the name of his younger daughter?
This questions was previously asked in
SSC CGL 18th April 2022 Shift-2
Explanation:
Correct option 3: 25,000
Let us assume the amount for the younger daughter is P
⇒ Amount for the elder daughter = 52,500 - P
Amount for the younger daughter at the end of 3 years = P x (1 + 10/100 )3
Amount for the elder daughter at the end of 2 years = (52,500 - P) × (1+ 10/100)2
Now, According to Question
P x (1 + 10/100 )3 = (52,500 - P) × (1+ 10/100)2
⇒ 11P/10 = 52,500 - P
⇒ 11P = 525,000 - 10P
⇒21P = 525,000
⇒ P = 525,000/21
=25,000
:: Joseph had deposited Rs 25,000 in the name of his younger daughter.
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By: santosh