Question #255290

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.


1
Expert's answer
2021-10-24T18:13:01-0400

The net value of the deposit is:

NV=100,000×(1+0.03×(1−0.21)/12)9=101,791.61.NV = 100,000×(1 + 0.03×(1 - 0.21)/12)^9 = 101,791.61.


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