Question

A certain sum of money is invested at 5% compound interest. If the interest for the second year exceeds that for the first year by 19.50, find the sum.

Answer 1

Answer:

15000

Step-by-step explanation:

8% = 96

1% = 12

first year interest is ( i.e. 100%) = 1200

Now same interest is changed on principal= ([1200] / 8) *100 = 15000

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Answer 2

Answer:

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