True or false? A triangle with sides of lengths 10, 24, and 27 is a right triangle.
1 answer:
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The overall balance for year 5 after taxes is $270.68
Step-by-step explanation:
Starting Balance = $1000
Interest gained = 10%
Income tax = 30%
For year 1
Finding 10% interest:
We will find 10% interest of 1000 and add it to the starting balance.
So, interest gained = $100
Overall Balance = 1000+100 = $1100
30% tax
30%of 1100
30% tax is $330
The tax paid is deducted from the balance
Overall balance after taxes = 1100-330 =$770
Year 2
Finding 10% interest:
We will find 10% interest of $770 as balance is $770 after tax deduction
So, interest gained = $77
Overall Balance = 770+77 = $847
30% tax
30%of 847
30% tax is $254.1
The tax paid is deducted from the balance
Overall balance after taxes = 847-254.1 =$592.9
For year 3
Finding 10% interest:
We will find 10% interest of $592.9 as balance is $592.9 after tax deduction
So, interest gained = $59.29
Overall Balance = 592.9+59.29= $652.19
30% tax
30%of 652.19
30% tax is $195.65
The tax paid is deducted from the balance
Overall balance after taxes = 652.19-195.65 =$456.53
For Year 4
Finding 10% interest:
We will find 10% interest of $456.53 as balance is $456.53 after tax deduction
So, interest gained = $45.65
Overall Balance = 456.53+45.65= $502.18
30% tax
30%of 502.18
30% tax is $150.65
The tax paid is deducted from the balance
Overall balance after taxes = 502.18-150.65 =$351.53
Year 5
Finding 10% interest:
We will find 10% interest of $351.53 as balance is $351.53 after tax deduction
So, interest gained = $35.15
Overall Balance = 351.53+35.15= $386.68
30% tax
30%of 386.68
30% tax is $116.00
The tax paid is deducted from the balance
Overall balance after taxes = 386.68-116 =$270.68
So, overall balance for year 5 after taxes is $270.68
Keywords: Interest, Taxes
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