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Govind has two sons. Their ages are 10 y...

Govind has two sons. Their ages are 10 years and 8 years. He plans to invest a total of Rs. 1.22 lakh in the names of the two sons at 20% per annum compound interest. Those sums had to be such that when the sons attained the age of 18 years, would receive equal amounts. How much does he plan to invest in the name of his older son (in lakhs of rupees) ?

A

`0.96`

B

`0.72`

C

`0.84`

D

`1.08`

Text Solution

Verified by Experts

The correct Answer is:
B
Let the sums be Rs. X lakhs and Rs. (1.22-x) lakhs. The time for which the elder son's sum and the younger son's sum would be invested will be 8 years and 10 years respectively.
Amounts that each would receive will be equal.
`therefore x(1+(20)/(100))^(8)=(1.22-x)(1+(20)/(100))^(10)`
`(x)/(1.22-x)=((1.2)^(10))/((1.2)^(8))`
x=(1.44)(1.22)-1.44x
2.44x=(1.44)(1.22)
x=0.72.
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