Question:
A person deposited a sum of 50,000 in a fixed deposit account which returns an annual interest of 10 percent compounded annually. However, an income tax of \(20\%\) is deducted on the interest amount at the end of each year. What would be the final value of the investment after 2 years?
A person deposited a sum of 50,000 in a fixed deposit account which returns an annual interest of 10 percent compounded annually. However, an income tax of \(20\%\) is deducted on the interest amount at the end of each year. What would be the final value of the investment after 2 years?
Updated On: Oct 22, 2024
- ₹ 58,000
- ₹ 58,320
- ₹ 59,400
- ₹ 60,500
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The Correct Option is B
Solution and Explanation
The correct answer is (B): ₹ 58,320
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