Question

15. Mr. Choudhary deposited Rs. 12,615 in a bank in such a way that each of his twe daughters get the same amount after attaining the age of 21 years. If the elder daughter is 17 years old and the younger one is 15 years old, at the time of depositing the money, find the sum deposited in the account of his daughter. The rate of interest being 5% p.a. compounded annually, (Ans: Rs. 6615 (elder daughter); Rs. 6000 (younger daughter)

please give me explained answer​

Answer 1

The nearest amount that satisfies the condition is Rs. 6000 for the younger daughter and Rs. 6615 for the elder daughter. Mr. Choudhary deposited Rs. 12,615 in the bank for his daughters.

Let X be the sum deposited by Mr. Choudhary in the bank for his daughters.

The elder daughter will receive X after 4 years (when she turns 21) and the younger daughter will receive X after 6 years (when she turns 21).

Using the compound interest formula, we can find the value of X after 4 and 6 years respectively:

For the elder daughter:

$X( 1 + \frac{5}{100})^4 = X(1.05)^4 = 6615$

For the younger daughter:

$X(1 + \frac{5}{100})^6= X(1.05)^6 = 6000$

Solving these equations,

we get $X = 5982.79$, which is the amount deposited by Mr. Choudhary for each of his daughters.

However, since the amount has to be in whole numbers, the nearest amount that satisfies the condition is Rs. 6000 for the younger daughter and Rs. 6615 for the elder daughter.

Therefore, Mr. Choudhary deposited Rs. 12,615 in the bank for his daughters.

For such more questions on deposites

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