Problem Statement: CE Board May 1997
A deposit of P110,000.00 was made for 31 days. The net interest after deducting 20% withholding tax is P890.36. Find the rate of return annually.
- A. 11.95%
- B. 12.75%
- C. 11.75%
- D. 12.25%
Problem Answer:
The rate of return annually of a deposit of P110,000.00 is 11.75%.
Solution:
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What formula did u get the I? And where does the 0.8 came from?
I = the total/gross interest. (Formula, simple interest)
100% – 20% = 80% = 0.8