A father left a will of Rs.35 lakhs between his two daughters aged 8.5 and 16 su

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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?
Options
A. 17.5 lakhs
B. 21 lakhs
C. 15 lakhs
D. 20 lakhs

Correct Answer

21 lakhs

Explanation

Let Rs.x be the amount that the elder daughter got at the time of the will. Therefore, the younger daughter got (3,500,000 - x).

The elder daughter?s money earns interest for (21 - 16) = 5 years @ 10% p.a simple interest.

The younger daughter?s money earns interest for (21 - 8.5) = 12.5 years @ 10% p.a simple interest.

As the sum of money that each of the daughters get when they are 21 is the same,

$x + \frac{5 * 10 * x}{100} = (3, 500, 000 - x) + \frac{12.5 * 10 * (3, 500, 000 - x)}{100}$

$x + \frac{50}{x} = 3, 500, 000 - x + \frac{125}{100} * 3, 500, 000 - \frac{125 x}{100}$

$2 x + \frac{50 x}{100} + \frac{125 x}{100} = 3, 500, 000 * (1 + \frac{5}{4})$

$\frac{200 x + 50 x + 125 x}{100} = \frac{9}{4} * (3, 500, 000)$

=> $x = 2, 100, 000 = 21 l a k h s$

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Simple Interest problems

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1. The difference between the simple interest received from two different sources on Rs.1500 for 3 years is Rs.13.50. The difference between their rates of interest is
Options
A. 0.1%
B. 0.2%
C. 0.3%
D. 0.4%

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2. A certain amount earns simple interest of Rs. 1750 after 7 years. Had the interest been 2% more, how much more interest would it have earned?
Options
A. Rs.35
B. Rs.245
C. Rs.350
D. cannot be determined

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4. How much time will take for an amount of Rs. 450 to yield Rs. 81 as interest at 4.5% per annum of simple interest ?
Options
A. 4 years
B. 2.5 years
C. 3.5 years
D. 2 years

Discuss

5. A sum of Rs.1550 was lent partly at 8% p.a. simple interest. The total interest received after 3 years was Rs.300. The ratio of the money lent at 5% to that lent at 8% is :
Options
A. 5:8
B. 6:7
C. 16:15
D. 17:18

Discuss

6. A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs 360 more. Find the sum.
Options
A. Rs.4000
B. Rs.9000
C. Rs.5000
D. Rs.6000

Discuss

7. At what rate of compound interest per annum will a sum of rs.1200 becomes rs.1348.32 in 2 years
Options
A. 66%%
B. 6.5%
C. 7%
D. 7.5%

Discuss

8. A sum of Rs. 725 is lent in the beginning of a year at a certain rate of interest. After 8 months, a sum of Rs. 362.50 more is lent but at the rate twice the former. At the end of the year, Rs. 33.50 is earned as interest from both the loans. What was the original rate of interest?
Options
A. 3.46%
B. 4.5%
C. 5%
D. 6%

Discuss

9. A sum was put at simple interest at a certain rate for 10 years . Had it been put at 5% higher rate , it would have fetched Rs.600 more. What was the Sum?
Options
A. Rs.1200
B. Rs.1300
C. Rs.1400
D. Rs.1500

Discuss

10. If the C.I. on a sum for 2 years at 12 1/2 % per annum is Rs. 510, the S.I. on the same sum at the same rate for the same period of time is ?
Options
A. Rs. 580
B. Rs. 480
C. Rs. 550
D. Rs. 470

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