In January 2025
Answer to Question #255290 in Economics for Sera
A bank earns 3% interest per annum compounded monthly for an initial savings deposit of 100,000 pesos. Find the net value of the deposit after 3 quarters if the earning is subjected to a 21% tax.
The net value of the deposit is:
"NV = 100,000\u00d7(1 + 0.03\u00d7(1 - 0.21)\/12)^9 = 101,791.61."
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