Mr. Ramos opened a time deposit of Php200,000 that earns 2.5% per annum. Suppose he agreed to leave his money in the bank for 181 days. Considering the 20% withholding tax charged to peso time deposits, how much will he receive at the end of the agreed term if he chooses not to reinvest his money? Choices: a. 202479.45 b. 201983.56 c. 204000.56 d. none of the choices is correct

Mr. Ramos opened a time deposit of Php200,000 that earns 2.5% per annum. Suppose he agreed to leave his money in the bank for 181 days. Considering the 20% withholding tax charged to peso time deposits, how much will he receive at the end of the agreed term if he chooses not to reinvest his money? Choices: a. 202479.45 b. 201983.56 c. 204000.56 d. none of the choices is correct

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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