Question

PLEASE HELP ASAP!! I WILL GIVE OUT BRAINLIEST AND A LOT OF POINTS!! help a bean out .-.

Answer 1

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.

$=\frac{10*1000}{100}\\=100$

So, interest gained = $100

Overall Balance = 1000+100 = $1100

30% tax

30%of 1100

$=\frac{30*1100}{100}\\=330$

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  

$=\frac{10*770}{100}\\=77$

So, interest gained = $77

Overall Balance = 770+77 = $847

30% tax

30%of 847

$=\frac{30*847}{100}\\=254.1$

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  

$=\frac{10*592.9}{100}\\=59.29$

So, interest gained = $59.29

Overall Balance = 592.9+59.29= $652.19

30% tax

30%of 652.19

$=\frac{30*652.19}{100}\\=195.657$

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  

$=\frac{10*456.53}{100}\\=45.65$

So, interest gained = $45.65

Overall Balance = 456.53+45.65= $502.18

30% tax

30%of 502.18

$=\frac{30*502.18}{100}\\=150.65$

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  

$=\frac{10*351.53}{100}\\=35.15$

So, interest gained = $35.15

Overall Balance = 351.53+35.15= $386.68

30% tax

30%of 386.68

$=\frac{30*386.68}{100}\\=116.00$

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

Learn more about interest at:

• brainly.com/question/3614284
• brainly.com/question/8280736
• brainly.com/question/12773544

#learnwithBrainly