Question

chhering deposite rs. 40000 in a bank at the rate of 5% p.a. if he has to pay 5%of the total interest as tax for the bank how much will he get after 4 years​

Answer 1

Answer: Rs 7600

Step-by-step explanation:

The interest will be calculated as:

= Principal × Rate × Time

= 40000 × 5% × 4

= 40000 × 0.05 × 4

= 8000

Since he has to pay 5% of the total interest as tax for the bank, the amount that he will he get after 4 years will be:

= 8000 - (5% × 8000)

= 8000 - (0.05 × 8000)

= 8000 - 400

= 7600

Therefore, he'll get Rs 7600