Answer to Question #292990 in Algebra for Ella

Question

John deposited 3.2. 65690 € in a bank account which had an annual interest rate of 2 % (p.a.). The deposit was withdrawn 23.6. Calculate the net accrued interest when the tax at source rate was 30 %.

Answer 1

If it was deposited on 3^rd Feb and withdrawn on 23^rd June on a non-reap year, with 365 days

Total days$=140$

Accrued interest$=\frac{2}{100}×\frac{1}{365}×140×65690$

$=503.9$

Net accrued interest $=\frac{70}{100}×503.9$

$=352.7€$