A sum of money is lent at 8% per annum CI . if the interest for the 2nd yr exceeds that for the 1st yr by 96,find the sum of money????
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Let the sum of money be Rs. x
Rate of interest = 8% p.a.
Therefore, Interest for 1st year = Rs.(x×8×1÷100) =Rs. 2x÷25
Therefore, Principal for 2nd year = Rs. (x+2x÷25) = Rs. 27x÷25
Therefore, Interest for 2nd year = Rs. 27x÷25×8×1÷100) = Rs. 54x÷625
ATP,
54x÷625 - 2x÷25 = 96
=> 54x - 50x÷625 = 96
=> 4x÷625 = 96
=> x = 96×625÷4
=> x = 15,000
Therefore, Req. sum of money = Rs. 15,000
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Rate of interest = 8% p.a.
Therefore, Interest for 1st year = Rs.(x×8×1÷100) =Rs. 2x÷25
Therefore, Principal for 2nd year = Rs. (x+2x÷25) = Rs. 27x÷25
Therefore, Interest for 2nd year = Rs. 27x÷25×8×1÷100) = Rs. 54x÷625
ATP,
54x÷625 - 2x÷25 = 96
=> 54x - 50x÷625 = 96
=> 4x÷625 = 96
=> x = 96×625÷4
=> x = 15,000
Therefore, Req. sum of money = Rs. 15,000
plz. mark my answer as brainliest
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