Profitable bank deposit 2012

Calculate the value of what money lose creditor with a deposit € 9500 for 4 years if the entire duration is interest 2.6% p.a. and tax on interest is 19%. Annual inflation is 3.7% (Calculate what you will lose if you leave money lying idle at negative interest in the bank. Or calculate cost of products you can buy today and how one will cost in the future.)

Correct result:

Loss:  591.4 €

Solution:

$x=9500-9500\cdot {(1+{\displaystyle \frac{2.6}{100}}-{\displaystyle \frac{19}{100}}\cdot {\displaystyle \frac{2.6}{100}}-{\displaystyle \frac{3.7}{100}})}^4=591.4\text{ Eur}$

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