Step 1: Express \( Z \) and \( \overline{Z} \).
We are given that \( Z = 1 + i \). The conjugate of \( Z \), denoted \( \overline{Z} \), is:
\[
\overline{Z} = 1 - i
\]
Step 2: Substitute \( Z \) and \( \overline{Z} \) into the equation.
We are also given the equation \( Z - 24\overline{Z} = \lambda Z^2 \). Substituting the values of \( Z \) and \( \overline{Z} \):
\[
(1 + i) - 24(1 - i) = \lambda (1 + i)^2
\]
Step 3: Simplify the equation.
First, simplify the left-hand side:
\[
(1 + i) - 24(1 - i) = 1 + i - 24 + 24i = -23 + 25i
\]
Now, simplify the right-hand side:
\[
\lambda (1 + i)^2 = \lambda (1 + 2i - 1) = \lambda (2i)
\]
Thus, the equation becomes:
\[
-23 + 25i = \lambda \cdot 2i
\]
Step 4: Solve for \( \lambda \).
Equating the real and imaginary parts, we get:
\[
\text{Real part: } -23 = 0 \quad \text{(This is already satisfied.)}
\]
\[
\text{Imaginary part: } 25 = 2\lambda \quad \Rightarrow \quad \lambda = \frac{25}{2}
\]