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
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Chapter1: Financial Statements And Business Decisions
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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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