Laura invests $3600 in a savings account for 2 years. The account pays 3.52% compound interest per annum. Laura has to pay 40% tax on the interest earned each year. The tax is taken from the account at the end of each year. How much is in the account at the end of 2 years?

$3753.64

Step-by-step explanation:

Initial amount = $3600

Interest rate = 3.52%

n = 1 (once in a year)

Time = 1 years

No of years = 2

Compound interest

 A =

   = $3726.72

                          =  $126.72

       =   = $50.69 (This amount is deducted from interest )

                                                     = $76

                                  = $3676

Similarly for the 2nd year

Compound interest

    A =

         = 3676(1.0352)

           =  $3805.4

                           = $129.4

       = $51.76

                                 = $77.64

                                               = $3753.64

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0.038

step-by-step explanation: