Johnson left 1,00,000 with the direction that it should be divided in such a way that his minor sons Tom, Dick and Harry aged 9, 12 and 15 years should each receive equally after attaining the age 25 years. The rate of simple interest being 3.5%, how much each son receive after getting 25 years old?
Answers & Comments
Answer:
Each son will receive the following amounts:
Tom: Rs. 1,56,000
Dick: Rs. 1,45,500
Harry: Rs. 1,35,000
Step-by-step explanation:
Calculate the amount of money that will accrue through simple interest over the specified period in order to determine how much each son will get after he turns 25.
Let's determine how many years there are between the sons' present ages and their 25th birthdays (in years):
Tom: 25 - 9 = 16 years
Dick: 25 - 12 = 13 years
Harry: 25 - 15 = 10 years
Now, let's calculate the amount each son will receive after 25 years by using the formula for simple interest:
Amount = Principal + (Principal × Rate × Time)
For Tom:
Principal = 1,00,000
Rate = 3.5% = 0.035
Time = 16 years
Amount = 1,00,000 + (1,00,000 × 0.035 × 16)
Amount = 1,00,000 + 56,000
Amount = 1,56,000
So, Tom will receive Rs. 1,56,000 after attaining the age of 25.
Similarly, we can calculate the amounts for Dick and Harry:
For Dick:
Principal = 1,00,000
Rate = 3.5% = 0.035
Time = 13 years
Amount = 1,00,000 + (1,00,000 × 0.035 × 13)
Amount = 1,00,000 + 45,500
Amount = 1,45,500
Dick will receive Rs. 1,45,500 after attaining the age of 25.
For Harry:
Principal = 1,00,000
Rate = 3.5% = 0.035
Time = 10 years
Amount = 1,00,000 + (1,00,000 × 0.035 × 10)
Amount = 1,00,000 + 35,000
Amount = 1,35,000
Harry will receive Rs. 1,35,000 after attaining the age of 25.
Therefore, each son will receive the following amounts:
Tom: Rs. 1,56,000
Dick: Rs. 1,45,500
Harry: Rs. 1,35,000
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