A person deposited Rs. 5,00,000 in a commercial bank for 2 years to get the half yearly compound interest at the rate of 10% per annum. 5% tax on the interest will be levied. But right after a year, the bank has changed the policy and decided to compute the interest quarterly at the same rate of interest. (i) Find the interest of the first year by deducting the tax. (ii) What would be the interest of the second year after deducting the tax? (iii) What is the difference between the interest of the first year and second year after deducting the tax? Find. (iv) After deducting the tax, by what percentage does the interest of the first year differ from the interest of the second year?
SEE Exam Set 2080 8 Min Rec.
Q32
MathematicsChapter 02: Compound Interest
Question No. 32
Problem Statement
High Frequency SEE Question Difficulty: Moderate
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Question 32 of 37(Compulsory Math SEE Bank)
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