Mathematics · Compound Interest
Atul has two grandsons, Baban and Rakesh. 11-year-old Baban gets a certain portion of Atul's wealth, and 12-year-old Rakesh gets the rest. However, Baban and Rakesh will receive the money only when they turn 24 years old. Till then, the money is deposited in a bank earning interest at a rate of 5% compounded annually. When both turn 24, they receive the exact same amount. How much had Atul given to Rakesh initially (in ₹), if the total money distributed was ₹24,600?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹12,600✓
- 2₹12,000
- 3₹11,750
- 4₹12,950
Correct answer
₹12,600
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