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 rupees ,find the sum of money
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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:
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