A father left a will of Rs.35 lakhs between his two daughters aged 8.5 and 16 such that they may get equal amounts when each of them reach the age of 21 years. The original amount of Rs.35 lakhs has been instructed to be invested at 10% p.a. simple interest. How much did the elder daughter get at the time of the will?
Correct answer: B. 21 lakhs
- A. 17.5 lakhs
- B. 21 lakhs
- C. 15 lakhs
- D. 20 lakhsCredit & Lending
Explanation
Let the elder daughter's amount at the will be E lakhs and the younger daughter's amount be Y lakhs. After 5 years, the elder amount becomes 1.5E, while after 12.5 years the younger amount becomes 2.25Y, so equal maturity amounts give 1.5E = 2.25Y and E = 1.5Y; with E + Y = 35 lakhs, E = 21 lakhs. Option a, 17.5 lakhs, incorrectly divides the original amount equally without allowing for the different investment periods.
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