Answered: A time deposit of P 110, 000.00 for 31…

A time deposit of P 110, 000.00 for 31 days earns P 890.39 on maturity date after deducting the 20% withholding tax on interest income. Find the rate of interest per annum. Given: Required: Solution:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

2. A time deposit of P 110, 000.00 for 31 days earns P 890.39 on maturity date after deducting the
20% withholding tax on interest income. Find the rate of interest per annum.

Given:

Required:

Solution:

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