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16 Jun 2021, 06:45
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61% (02:45) correct
39%
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Fahim and Farhan together earned Rs. 37,570 from a business venture. They divided it and each deposited his share in a bank. At the end of 9 years the amount Farhan had in the bank was the same as the amount Fahim had at the end of 7 years. If the interest was compounded annually at 10% per annum, what was Farhan’s share of the money earned from the business venture?
(A) Rs. 14,174
(B) Rs. 16,437
(C) Rs. 17,000
(D) Rs. 18,785
(E) Rs. 20,570
(A) Rs. 14,174
(B) Rs. 16,437
(C) Rs. 17,000
(D) Rs. 18,785
(E) Rs. 20,570
21 Jun 2021, 05:20
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Fahim(X) = \(X(1 + \frac{R}{100})^T = X(1 + \frac{10}{100})^7\)
Farhan(Y) = \(Y(1 + \frac{R}{100})^T = Y(1 + \frac{10}{100})^9\)
=> X + Y = 37, 570
=> \(X(1 + \frac{10}{100})^7 = Y(1 + \frac{10}{100})^9\)
=> \(\frac{X }{ Y} = 1.21\)
=> X = 1.21Y
=> 1.21Y + Y = 37, 570
=> Y = 17,000
Answer C
Farhan(Y) = \(Y(1 + \frac{R}{100})^T = Y(1 + \frac{10}{100})^9\)
=> X + Y = 37, 570
=> \(X(1 + \frac{10}{100})^7 = Y(1 + \frac{10}{100})^9\)
=> \(\frac{X }{ Y} = 1.21\)
=> X = 1.21Y
=> 1.21Y + Y = 37, 570
=> Y = 17,000
Answer C
dcn1102
Joined: 21 Jun 2021
Last visit: 30 Apr 2023
Posts: 15
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Location: India
Schools: Rotman '24 Tepper '24 Wharton '24 HEC Montreal (A)
GMAT 1: 610 Q48 V28
GPA: 2.87
21 Jun 2021, 10:38
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Imo C
Using basic formula CI = P(1+r/n)^nt .
n is one here since its compounded Annually.
Using basic formula CI = P(1+r/n)^nt .
n is one here since its compounded Annually.
