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Sachin invest rupees 200000 for 2 …

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Sachin invest rupees 200000 for 2 years at 12% per annum compounded annually. If the interest accrued is subject to income tax at 25% at the end of the year, find the amount he received the end of 2 years.

Posted by Tamanna Suri 1 year, 11 months ago

CBSE > Class 11 > Applied Maths

1 answers

Preeti Dabral 1 year, 11 months ago

Given Principal = ₹ 200000
Rate = 12% Compounded annually
Interest after 1year (I₁) = $\frac{200000 \times 12 \times 1}{100}$
= 2000 $\times$ 12
= ₹ 24000
The interest accrued is subject to income tax at 25% at the end of each year.
So, Income tax on 24000 = 25% of 24000
= $\frac{25}{100} \times$ 24000 = ₹6000
Principal after 1year & after income tax.
= 200000 + 24000 - 6000
= ₹218000
Interest after 2nd year (I₂) $=\frac{218000 \times 12 \times 1}{100}$
= ₹ 2180 $\times$ 12 = ₹ 26160
$=\frac{25}{100} \times$ 26160
= ₹6540
Amount after 2 year and after income tax
= 218000 + 26160 - 6540
= ₹ 237620

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