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Rs.20,000 was invested by Mahesh in a FD @ 10% pa at CI. However every year he has to pay 20% tax on the CI. How much money does Mahesh have after 3 years?
- a)25694
- b)25594
- c)25394
- d)25194
- e)None of these
Correct answer is option 'D'. Can you explain this answer?
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Rs.20,000 was invested by Mahesh in a FD @ 10% pa at CI. However every...
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Rs.20,000 was invested by Mahesh in a FD @ 10% pa at CI. However every...
Given:
- Principal amount (P) = Rs.20,000
- Rate of interest (R) = 10% per annum
- Time period (T) = 3 years
- Tax rate (t) = 20%
To find: The amount of money Mahesh has after 3 years
Formula used:
- Compound Interest (CI) = P(1+R/100)^T - P
- Amount (A) = P + CI
- Tax amount (TA) = t/100 * CI
- Net amount (NA) = A - TA
Calculation:
- CI for 3 years = 20000(1+10/100)^3 - 20000 = Rs. 7320
- A = P + CI = 20000 + 7320 = Rs. 27320
- TA for 3 years = 20/100 * 7320 = Rs. 1464
- NA = A - TA = 27320 - 1464 = Rs. 25856
Therefore, Mahesh has Rs. 25,856 after 3 years. The correct answer is option D.
- Principal amount (P) = Rs.20,000
- Rate of interest (R) = 10% per annum
- Time period (T) = 3 years
- Tax rate (t) = 20%
To find: The amount of money Mahesh has after 3 years
Formula used:
- Compound Interest (CI) = P(1+R/100)^T - P
- Amount (A) = P + CI
- Tax amount (TA) = t/100 * CI
- Net amount (NA) = A - TA
Calculation:
- CI for 3 years = 20000(1+10/100)^3 - 20000 = Rs. 7320
- A = P + CI = 20000 + 7320 = Rs. 27320
- TA for 3 years = 20/100 * 7320 = Rs. 1464
- NA = A - TA = 27320 - 1464 = Rs. 25856
Therefore, Mahesh has Rs. 25,856 after 3 years. The correct answer is option D.
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