1.

Mrs sood deposited Rs 17000 in a bank at the rate of 12% per annum if 30% is deduced as income tax on interest find the net annual income

Answer»

SI = P*R*T/100 = 17000*12*1/100 = 170*12 = 2040

Income tax is 30% on interest

Then annual income = (70/100)*2040= 7*204 = Rs 1428



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