Question

answer this please very urgent
Roshan invests rs 240000 for 2 years at 10% per annum compounded annually. If their income tax is 20% is deducted at the end of each year on the interest accrued, find the amount he will receive at the end of two years?

Answer 1

Answer:

Step-by-step explanation:Invested amount = Rs 240000

Time = 2 years, Rate of interest = 10 %

Interest for 1st year = 240000*10*1/ 100 = Rs 24000

Amount deducted for tax = 20% of the interest = 20*24000/100 = 4800

Left amount = 24000-4800 = 19200

principle for 2nd year = 240000+19200 = 259200

Interest for 2nd year = 259200*10*1/100 = 25920

Deducted amount for tax for 2nd year = 20*25920/100 = 5184

Actual total interest = 24000 + 25920 = 49920

Total money deducted for tax = 4800 + 5184 = 9984

Amount of the total interest he received = 49920-9984 = 39936

Hope it helped

Answer 2

Answer:

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