Deposit in the bank

After the summer job, you saved € 800 in the bank. The interest rate is 4% p. a. Interest on the deposit is taxed at 15% withholding tax. How much can you withdraw after 3 months?

Correct answer:

x3 =  806.8193 Eur

Step-by-step explanation:

a=800 eur q1=4%=1004=0.04 q2=15%=110015=0.85  q=1+12q1 q2=1+120.04 0.851.0028  x1=a q=800 1.0028=1512034802.2667 x2=x1 q=802.2667 1.0028804.5398 x3=x2 q=804.5398 1.0028=806.8193 Eur



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