Compound Interest Practice Test 4

Question : 34 of 40

Marks: +1, -0

Present ages of Tarun and Gulshan are 12 years and 10 years respectively. They want to deposit in Post Office a total sum of Rs. 5204 in such a proportion that at the age of 15, each of them may get an equal amount. If the Post Office pays 4% p.a. compound interest on the total sum of deposit, find the part of money deposited by each of them.

Rs. 2500, Rs. 2704
Rs. 2704, Rs. 2500
Rs. 2804, Rs. 2400
Rs. 2204, Rs. 3000

Validate

Solution:

Let shares of Tarun and Gulshan be Rs. x and Rs. (5204 – x) respectively; then

x(1+4/100)^3=(5204-x)(1+4/100)^5

⇒x=(5204-x)×676/625

⇒{625x}/676+x=5204

⇒{1301x}/676=5204

∴x={5204×676}/1301=2704

Now, 5204 – x = 5204 – 2704 = Rs. 2500
Hence, shares of Tarun and Gulshan are Rs. 2704 and Rs. 2500.

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