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Mrs Majhi deposited a certain amount in her bank account at the rate of
6.5% p.a. If she paid 5% of her interest as income tax and received Rs 4940 net
interest after 4 years, how much money was deposited by her?

Respuesta :

mhanifa

Answer:

  • Rs 20000

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Let the amount deposited be x. It is assumed we are talking about simple interest.

After 4 years the interest amount is:

  • 4*0.065*x =
  • 0.26x

95% of this amount is Rs 4940:

  • 0.95(0.26x) = 4940
  • x = 4940/0.247
  • x = 20000

Mrs Majhi deposited Rs 20000.