Question

3. A sum of money is lent at 8% per annum
compound interest. If the interest for the
second year exceeds that for the first year by
96. find the sum of money.

Answer 1

Answer:

For 1st year p=rupees x .Rate=8% Time =1year

interest =x*8*1/100

=0.08x

and amount =x+0.08x=1.08x

For 2nd year P=1.08x rupees Rate=8% Time= 1 year

Interest =1.08x*8*1/100

=0.0864x

Amount =1.08x+0.0864x

=1.8864 x

0.0864x-0.08x=96

x=15000

Step-by-step explanation:

Answer 2

Answer:

x(1+8/100)²= [x(1+8/100)]+96

x(108/100)²=[x(108/100)]+96

x*108/100*108/100=108x/100+96

x*108/100*108/100*100=108x+96

[x*108/100*108]/x=108+96

108/100*108/x=204

11664/100x=204

11664-204=100x

11460/100=x

114.6=x

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