Bank

Paul put 10000 in the bank for 6 years. Calculate how much you will have in the bank if he not pick earned interest or change deposit conditions. The annual interest rate is 3.5%, and the tax on interest is 10%.

Correct result:

x =  12045.2

Solution:

q=1+(3.5/100)(110/100)=1.0315 x=10000q6=100001.03156=12045.2q = 1+(3.5/100)\cdot (1-10/100) = 1.0315 \ \\ x = 10000 \cdot q^{ 6 } = 10000 \cdot 1.0315^{ 6 } = 12045.2



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