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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Answer:
Let the sum of money lent out be Rs. x
In the Ist case:
A1=Rsx(1+10020)2=Rs2536x∴A=P(1+100r)n
In the 2nd case:
A2=Rsx(1+2×10020)2×2=Rs.1000014641x∵A=P(1+2×100r)n×2
According to the question-
⇒1000014641x−2536x=482
⇒1000014641x−14400x=482
⇒241x=4820000
⇒x=20000
∴ The sum of money lent out =Rs.20,000
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