SOLUTION: George had $4,500 in a savings account earning simple interest at a rate of 2.5% per year. At the end of the year, George paid 25% in taxes on his interest. How much money did Ge

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: George had $4,500 in a savings account earning simple interest at a rate of 2.5% per year. At the end of the year, George paid 25% in taxes on his interest. How much money did Ge      Log On

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Question 680810: George had $4,500 in a savings account earning simple interest at a rate of 2.5% per year. At the end of the year, George paid 25% in taxes on his interest. How much money did George earn in interest that year after paying taxes?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
His interest was +.025%2A4500+=+112.5+
His tax on interest was +.25%2A112.5+=+28.125+
He has left +112.5+-+28.125+=+84.375+
He earned $84.38