Mathematics · Compound Interest
Baban has two grandsons Rakesh and Shivam. 13-year-old Rakesh gets some money from Baban's wealth and 14-year-old Shivam gets the rest of the money. Rakesh and Shivam will receive their shares only when they turn 22 years old. Till then, the money is deposited in a bank earning interest at a rate of 5% compounded annually. When both turn 22, they receive the exact same total amount. How much had Baban given Shivam (in ₹) initially, if the total money distributed was ₹ 24,600?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 112600
- 212950
- 312000✓
- 411750
Correct answer
12000
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