Question

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.
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Answer 1

Answer:

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Step-by-step explanation:

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

Answer 2

Step-by-step explanation:

Hi,

Here P= 20,000t = 1 year and r = 10% So SI= Prt100= 20000×10×1100= 2000So A = P+SI =20000+2000= 22000Now deduction = 30 % on interest = 30 100×2000= 600So net annual income = 22000−600= Rs. 21,400