Chandadebi took a loan of some money for 2 years at the rate of compound interest of 8%. If the compound interest paid by her be Rs. 2496 then find the quantity of loan Chandadebi had lended.

Explanation

Let the quantity of loand be Rs. x
`:.` The amount after 2 years of Rs. x the rate of compound interest of 8% per annum.
`=Rs. x xx(1+8/100)^(2)`
`impliesRs. x xx (108/100)^(2)`

`:.` The compound interest `=Rs. {x(108/100)^(2)-x}`
`=Rs. {x[((108)^(2))/((100)^(2))-1]}`
`=Rs. [x[((108)^(2)-(100)^(2))/((100)^(2))]}`
`=Rs. (x(108+100)(108-100))/(100xx100)`
`=Rs. x xx (208xx8)/(100xx100)`
As per question `x xx (208xx 8)/(100^(2))=2496`
`impliesx=Rs. (2496xx100xx100)/(208xx8)=Rs. 15000`
Hence the required principal `=Rs. 15000`