Mrs. soon deposited rs17000 in a bank at the rate of 12% per annum.if 30% is deducted as income tax on the Interest, find the net annual income.
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Answer:
Step-by-step explanation:
Amount deposited = 17000
Rate of interest = 12%
Interest earned =
I = P x R x T/100 = 17000 x 12 x 1/100
= RS 2040
Tax deducted on interest = 30%
Amount deducted = 2040 x 30/100
= Rs 612
Interest earned = 2040 - 612 = rs 1428
Net income = 17000 + 1428 = rs 18428
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