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 answer:

x =  12045.2

Step-by-step explanation:

$$\begin{gathered} q=1+(3.5\mathrm{/}100)\cdot (1-10\mathrm{/}100)=1.0315 \\ x=10000\cdot q^6=10000\cdot 1.0315^6=12045.2 \end{gathered}$$

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