Question

9) What amount will yield 17,355 a year if the rate of interest is 15% per annum?​

Answer 1

Answer:

Step-by-step explanation:

Let P be the principal and R the rate of interest. I the interest is given by

I = PxR/100 or

17355 = Px15/100

So, 15P = 1735500 and

P = 1735500/15 = 1,15, 700

That is a decent return and even if you pay 33% tax, you would have a little more than 10 % return…