Puzzle Three You are starting a savings account for college. You put
$1,000 in as your starting balance. You can simple
interest at 10% every year. You also must pay 30%
income tax on the interest earned annually. Calculate
the interest, balance, tax paid, and the overall balance
of the account after taxes. To break the code determine
the accounts overall balance for year 5 after taxes after
been paid.
10% Overall 30% Tax Overall
Interest Balance
Balance
after taxes
Year 1
Year 2
Year 3
Year 4
Year 5