A sum of money is lent at 8% per annum compound interest . If the interest for the second year exceed that for the interest of first year by 128. Find the sum of money.
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Step-by-step explanation:
first yr = 8%
2nd yr = 8.64%
difference = 0.64 % = 128
100% = x
apply cross multiplication,
x = 20,000
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