Burger Bimal and Farida Fries are planning to invest in a fast-food start-up. They have already arranged a sum of Rs.12296, but they want to wait for each other to finish college. As of now, they want share the money between themselves such that Bimal's share at the end of 3 years is equal to Farida's share at the end of 4 years, at a compound interest of 12%. Can you find Farida's share?
Answers
Given : Bimal and Farida arranged a sum of Rs.12296,
share the money between themselves such that Bimal's share at the end of 3 years is equal to Farida's share at the end of 4 years, at a compound interest of 12%.
To Find : Farida's share
Solution:
Let say Farida share = P
Then Bimal's share = 12296 - P
Farida's share at the end of 4 years, = Bimal's share at the end of 3 years
=> Farida's share after 1 year = Bimal's Initial share
as after that both will have 3 years to earn interest and interest rate is same.
Farida share after 1 year = P (1 + 12/100)
= 1.12P
1.12P = 12296 - P
=> 2.12P = 12296
=> P = 5800
Farida's share = 5800 Rs
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Answer:
Given : Bimal and Farida arranged a sum of Rs.12296,
share the money between themselves such that Bimal's share at the end of 3 years is equal to Farida's share at the end of 4 years, at a compound interest of 12%.
To Find : Farida's share
Solution:
Let say Farida share = P
Then Bimal's share = 12296 -
as after that both will have 3 years to earn interest and interest rate is same.
Farida share after 1 year = P (1 + 12/100)
= 1.12P
1.12P = 12296 - P
=> 2.12P = 12296
=> P = 5800
Farida's share = 5800 Rs