sum of money lent out at 12% per annum compounded annually and earns an interest ₹2016 in the second year calculate the sum of money lent out?
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Let the principal=100X
So the interest of 1st year compounded annually= 12% of 100X
=12X
Interest of 2nd year=12% of 112X
= 13.44X
So,13.44X= 2016
X= 150
So principal=100*150
=15000!
So the interest of 1st year compounded annually= 12% of 100X
=12X
Interest of 2nd year=12% of 112X
= 13.44X
So,13.44X= 2016
X= 150
So principal=100*150
=15000!
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