Ketan has two grandsons, Mahesh and David. 13-year-old Mahesh gets some money…
2026
Ketan has two grandsons, Mahesh and David. 13-year-old Mahesh gets some money from Ketan’s wealth, and 14-year-old David gets the rest of the money. But Mahesh and David will get the money only when they turn 25 years old. Till then, the money will be kept in a bank earning interest at the rate of 5% per annum, compounded annually. When both turn 25, they receive the same amount. If the total amount Ketan had was ₹24,600, how much money (in ₹) did Ketan initially give to David?
- A.
12,950
- B.
11,750
- C.
12,600
- D.
12,000
Attempted by 13 students.
Show answer & explanation
Correct answer: C
Let Mahesh's initial amount be P_M and David's be P_D.
Mahesh invests for 12 years (25 - 13), David for 11 years (25 - 14).
Final amounts are equal: P_M * (1.05)^12 = P_D * (1.05)^11.
Simplify: P_D = P_M * 1.05.
Total sum: P_M + P_D = 24,600.
Substitute P_D: P_M + (P_M * 1.05) = 24,600 => 2.05 * P_M = 24,600 => P_M = 12,000.
David's share: P_D = 12,000 * 1.05 = 12,600.
Final Answer: Option 3