You are starting a savings account for college. You put $1,000 in as your starting balance. You earn simple interest at 10% ever

Question

2 years ago

5

You are starting a savings account for college. You put $1,000 in as your starting balance. You earn simple interest at 10% ever

y year. You also must pay 30% income tax on the interest earned annually. Calculate the interest, balance, tax paid, and the overall balance of the account after taxes.

Mathematics

1 answer:

Brums [2.3K] · Answer 1 · 2022-12-08T16:35:17+03:00

Brums [2.3K]2 years ago

7 0

Answer:

— Use NerdWallet to find a better bank account. ... Compound interest is simple: It's the interest you earn on both your original deposit and on the ...

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