Mr. sharma deposited Rs 20000 as a fixed deposit in a bank at 10%per annum. if 30% is deducted as income tax on the interest earned, find his annual income.
Answers
Answered by
87
It is not mentioned whether the interest is simple or compound, take it as simple interest. Deposited amount is 20000. The interest earned in one year at 10% is 20000x10/100 = 2000. 30% is deducted as income tax from the interest. So left out is 70% of interest. That is 2000x70/100=1400. So he earns Rs 1400 annually as interest.
Answered by
46
Answer:
Step-by-step explanation:
P = 20000
R = 10 %
T = 1 year
SI = 2000
If 30% is deducted and 10% is the rate of interest ,In total is equal to 40% so left out is 60%
P = 2000 × 100 ÷ 60 × 1 = 32000
P = 32000
Annual income = P + I
= 32000 + 2000
= 34000
So, his annual income is 34000
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