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 rupees 96 find the sum of money

Answer 1

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

Answer 2

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