Krish has ₹1,352, which he divides between his two sons, Veer and Nitin. Both invest their respective amounts at an annual compound interest rate of 8%. If the amounts accumulated by Veer after 18 years and by Nitin after 19 years are equal, how much money (in ₹) did Krish give to Nitin?
650
Let Veer's principal be V and Nitin's principal be N, so \(V + N = 1352\).
At 8% compound interest, Veer's amount after 18 years equals Nitin's amount after 19 years: \(V(1.08)^{18} = N(1.08)^{19}\).
Dividing both sides by \((1.08)^{18}\): \(V = 1.08\,N\).
Substitute into \(V + N = 1352\): \(1.08N + N = 2.08N = 1352\).
Solve for N: \(N = \dfrac{1352}{2.08} = 650\).
Hence, Krish gave ₹650 to Nitin.
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Important Questions from Compound Interest
A person borrowed Rs. 10000 on compound interest at the rate of 40 percent per annum. If the interest is compounded half yearly, then what will be the amount to be paid after 1.5 years?
In how many years will a sum of Rs.1875 amount to Rs.2187 at 8 percent p.a. compound interest?
A sum of money has increased by 45% in 9 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate?
At a certain rate of compound interest a certain sum amounts to Rs. 64800 in 4 years and Rs. 93312 in 6 years. What is the compound interest earned in fifth year?
Karuna has an option to invest in the following three schemes. If she wants to invest Rs P, then which scheme will be most beneficial for her?
Scheme that comes with lower interest rates and terms;
I. 28% p.a. interest, compounded every quarter, for one year.
II. 28% p.a. interest, compounded every half year, for one year.
III. 28% p.a. interest, for one year, compounded every year.
