Mathematics · Compound Interest
Kanchan has two grandsons, Mohan and Pramod. 16-year-old Mohan gets some money from Kanchan's wealth, and 17-year-old Pramod gets the rest of the money. However, they will receive their share only when they turn 24. Till then, the money is kept in a bank earning interest at 5% per annum, compounded annually. When both turn 24, they receive the same amount. How much had Kanchan given Pramod initially, if the total wealth distributed was ₹24,600?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹12,000
- 2₹12,600✓
- 3₹12,950
- 4₹11,750
Correct answer
₹12,600
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