Question

peter invested rs 240000 for 2years at10% per annum compounded anually.if 20%of the accured interest at the end of each year is deducted as income tax,find the amount he received at the end of 2 years

Answer 1

interest of first year =240000×10/100=24000

total=240000+24000=264000

interest for 2nd year=264000×10/100=26400

total=264000+26400=290400

20% of it is=290400×20/100=58080

total amount he get=290400-58080=242320

Answer 2

Step-by-step explanation:

Peter invested 240000 for 2 years at 10% per annum compounded annually. If 20% of the accrued interest at the end of each year is deducted as income tax, find the amount he received at the end of 2 years.