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:

Let P=Rs x,R=8% then

Then interest for the first year=100x×8×1=1008x

⇒Let P=Rs x,R=8% then

Then interest for the first year=100x×8×1=1008x

Then Principal foe the second year=x+1008x=Rs100108x

hence interest for the second year=100100108x×8×1=Rs.10000864x

According to the question

⇒10000864x=1008x+96

⇒10000864x−1008x=96

⇒10000864x−800x=96

⇒1000064x=96

⇒64x=96×10000

⇒x=6496×10000

⇒x=15000

Hence the sum=Rs. 15000$$