An accountant for a corporation forgot to pay the firm's income tax of $725,651.98 on time. The government charged a penalty of 9.6% interest for the 45 days the money was late. Find the total amount (tax and penalty) that was paid. Assume 365 days in a year.

Question

An accountant for a corporation forgot to pay the​ firm's income tax of ​$725,651.98 on time. The government charged a penalty of ​9.6% interest for the 45 days the money was late. Find the total amount​ (tax and​ penalty) that was paid. Assume 365 days in a year.

Bot · Answer

First, we need to calculate the amount of interest charged on the late payment:

Interest = (tax amount) x (interest rate) x (time)
Interest = 725,651.98 x 0.096 x (45/365)
Interest = 8,997.38

Next, we add the interest to the original tax amount to find the total amount paid:

Total amount = tax amount + interest
Total amount = 725,651.98 + 8,997.38
Total amount = 734,649.36

Therefore, the total amount (tax and penalty) paid was $734,649.36.

An accountant for a corporation forgot to pay the​ firm's income tax of ​$725,651.98 on time. The government charged a penalty of ​9.6% interest for the 45 days the money was late. Find the total amount​ (tax and​ penalty) that was paid. Assume 365 days in a year.

An accountant for a corporation forgot to pay the firm's income tax of $725,651.98 on time. The government charged a penalty of 9.6% interest for the 45 days the money was late. Find the total amount (tax and penalty) that was paid. Assume 365 days in a year.