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 32, find
the sum of money.​

Answer 1

Answer:

Step-by-step explanation:

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

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