Question

Q2. Ravish invests Rs. 2,50,000
for 2 years at 8% per annum
compounded annually. if 10% of
the interest accrued at the end
of each year is deducted as
income tax , find the amount he
received at the end of 2 years. *​

Answer 1

Given :   Ravish invests Rs. 2,50,000 for 2 years at 8% per annum compounded annually. if 10% of the interest accrued at the end of each year is deducted as income tax  

To find : the amount he received at the end of 2 years

Solution:

P = 250000  Rs

R  = 8 %

Using Simple interest for 1 st year = P * R * T /100

Interest in 1 st Year  = 250000 * 8 * 1 /100  = Rs 20000

TDS Deducted = (10/100)2000 = Rs 2000

Amount at end of 1st Year = 250000 + 20000 - 2000

= 268000 Rs

Interest in 2nd Year  =  268000 * 8  * 1 /100 = Rs 21440

TDS deducted = (10/100)21440 =  Rs 2144

Amount after  2 Years = 268000 + 21440  - 2144 = Rs 287296

amount he received at the end of 2 years =  Rs 287296

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