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.
Answers
Answered by
21
Answer:
Let P=Rs x,R=8% then
Then interest for the first year= x×8×1/100 = 8x/100
Then Principal for the second year=x+ 8/100x=Rs 108/100x
hence interest for the second year=
(108/100x×8×1)/100 =Rs. 864x10000
According to the question
⇒ 864x10000 = 8x/100 +96
⇒ 864x10000 − 8x/100 =96
⇒ 864x−800x/10000 =96
⇒ 64x/10000 =96
⇒64x=96×10000
⇒x= 96×10000/64
⇒x=15000
Hence the sum=Rs. 15000$$
Answered by
52
Solution:-
Let us assume that Principal = ₹100x
For I year:
Rate = 8% p.a.
Principal = ₹100x
Time = 1 year
Interest =
=
= ₹8x
Amount = Principal + Interest
= 100x + 8x
= ₹108x
For II year:
Principal = ₹108x
Rate = 8% p.a.
Time = 1 year
Interest =
=
= ₹8.64x
According to Question:
₹8x + ₹96 = ₹8.64x
⟹ 96 = 8.64x - 8x
⟹ 96 = 0.64x
⟹ x =
⟹ x =
⟹ x = ₹150
So:
Principal = ₹100x
= 100 × 150
= ₹15,000
∴ Principal = ₹15,000
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