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.
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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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