Question

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:

Step-by-step explanation:

8%=96

1%=12

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

Now same interest is charged on principal= ((1200)/8)*100=15000

Answer 2

Answer:

Let the sum of money borrowed be x. Interest for first year => 8.x/100 => 0.08x

interest for second year => 1.08x(8)/100 => 0.0864x as the principal for second year => Principal + interest => x +0.08x => 1.08x . So difference between interests of first and second year =96 ruppees => 0.0864x -0.08x = 96 => 0.0064x = 96 =>x = 96/0.0064 => x = 15000 ruppees. So the sum of money borrowed => 15000 ruppees. Hope it helps you. Mark me as Brainliest if you think I am worthy of it.