Question #292989

Alice deposits 1788 € for 3 months in a bank account which has an annual interest rate of 2.4 % (p.a.). Calculate the net accrued interest when the tax at source rate is 30 %.



1
Expert's answer
2022-02-03T18:08:03-0500

Solution:

P=1788 €,t=3 months,r=2.4 % p.aI=Prt100=1788×3×2.4100×12=10.728P=1788 \ €, t=3\ months, r=2.4\ \%\ p.a \\ I=\dfrac{Prt}{100}=\dfrac{1788\times3\times2.4}{100\times 12}=10.728

Now, tax at source rate is 30 %.

So, I=70% of 10.728=7.5096 €I=70\%\ of \ 10.728=7.5096\ €


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