A person opened term deposit in the name of his two daughters at 15% rate of interest in such a way that when they will attain 18 years of age, they will get ₹ 38,000 each. Since his elder daughter was 12, he kept ₹ 4,800 more for her than his younger daughter. What was the amount he kept for his younger daughter (in ₹)?
- AOption (a)
18,200
- BOption (b)
15,225
- COption (c)
20,000
- DOption (d)
11,625
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Correct answer
11,625
Why this answer is correct
Given:
Amount for elder daughter (Aelder) = ₹38,000
Amount for younger daughter (Ayounger) = ₹38,000
Rate of interest (r) = 15%
Time for elder daughter (telder) = 18 - 12 = 6 years
Time for younger daughter (tyounger) = 18 - current age
Extra amount for elder daughter = ₹4,800
Formula used:
A = P\((1+\frac{r}{100})^t\)
Where,
P = Principal
A = Amount
r = Rate of interest
t = Time
Calculation:
For elder daughter:
38,000 = Pelder\((1+\frac{15}{100})^6\)
⇒ 38,000 = Pelder\((1+0.15)^6\)
⇒ 38,000 = Pelder(1.15)6
⇒ 38,000 = Pelder × 2.313
⇒ Pelder = \( \dfrac{38,000}{2.313} \)
⇒ Pelder ≈ ₹16,425
For younger daughter:
Pyounger = Pelder - ₹4,800
⇒ Pyounger = 16,425 - 4,800
⇒ Pyounger ≈ ₹11,625
∴ The amount he kept for his younger daughter is ₹11,625.




