A person earns Rs. 2000 per month over and above his salary as additional charge allowance. However, 30% of this additional income will be deducted as additional income tax at source. If the person would deposit Rs.1000 per month on a long term saving fetching 12% interest his tax liability on the additional allowance would reduce to 10%. What is the effective interest for this person for money invested in the long term savings scheme?  - Study24x7
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298 followers study24x7 11 Apr 2020 06:14 PM study24x7 study24x7

A person earns Rs. 2000 per month over and above his salary as additional charge allowance. However, 30% of this additional income will be deducted as additional income tax at source. If the person would deposit Rs.1000 per month on a long term saving fetching 12% interest his ta...

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A

12%

B

18%

C

19%

D

20%

MBA/Management GATE Finance/CA
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