Question

A man invests Rs.5000 for 3 years at 5% compound interest reckoned yearly. Income tax @ 20% on the interest earned is deducted at the end of the each year. Find the amount at the end of the third year

Answer 1

After one year,
Total amount=5000+5000*1*5/100 - 20/100 *5000*1*5/100 = 5200
After 2 year,
Total amount = 5200 + 5200 * 1*5/100 - 20/100 *5000*1*5/100 =5408
After 3 year,
total amount =5408+5408*1*5/100-20/100 *5408*1*5/100=5624.32

Answer 2

tthnxxx buddy!!