Question

Chhering deposits Rs 40000 in a bank at the rate of 5% pa . If he has to pay 5% of interest as an income tax how much will he get after 4 year.​

Answer 1

Chhering will get a total an amount of Rs. 47600 after 4 years

Given:

Chhering deposits Rs 40000 in a bank at the rate of 5% pa  

He has to pay 5% of the interest as an income tax

To find:

How much will he get after 4 years?  ​  

Solution:

Given Principal amount P =  Rs. 40000

Rate of interest R = 5% per annum

Time period = 4 years

As we know the formula for Simple interest is given by

          Simple interest = (PTR)/100  

And the formula for the Total amount is given by

         Amount, A = Principal + interest

From the given data,

Simple interest = (40000)(4)(5)/100

= (400)(4)(5)

=  8000 Rs.

And the total income that Chhering will get = Principal + interest

= 40000 + 8000

= 48000

Given that he needs to pay a 5% income tax on interest

The interest can be paid = 5% of 8000

= $\frac{5}{100} \times 8000$

= 5 × 80

= 400  

After paying income tax the income that Chhering will get

= Total amount - Income tax

= 48000 - 400

= 47600

Therefore,

Chhering will get a total an amount of Rs. 47600 after 4 years

#SPJ1

Answer 2

Answer: He get 47600 after 4 year.

Given: Principle amount(P) = 40000

Rate of interest(r) = 5% P.A

Time(t) = 4 years

To Find: Total amount he get after 4 years.

Step-by-step explanation:

Step 1: First of all we have to calculate simple interest for 4 years.

Principle amount(P) = 40000

Rate of interest(r) = 5% P.A

Time(t) = 4 years

Simple interest $=\frac{P\times r\times t}{100}$

$=\frac{40000\times 5\times 4}{100}\\\\=8000$

Step 2:

Now as we know that he has to pay 5% tax on the interest.

So, tax to pay

$=\frac{8000\times5}{100}\\\\ =400$

Step 3:

Now, we have to add principle amount and simple interest then subtract tax to pay.

Thus, total amount he will get $=40000+8000-400=47600$

For more questions follow the below link

https://brainly.in/question/42779021

https://brainly.in/question/41957379

#SPJ1