can anyone help me with these (1 Viewer)

[chomp]

How do you work out
if you are entitled to a tax refun of has not paid enough?

Ben invests$2650 fo 5 and a half years .At the end of the investment he had a total of $3597.38. Find the annual flat interest rate ben earned ?

Please Help

 

[PC]

1. If you read your question carefully, somewhere in there it will say something about PAYG tax. That's the amount of tax you've already paid. When you do your calculation of the amount of tax owing, if it's less than the PAYG amount then you get a refund on the difference; otherwise you have an additional tax bill to pay on the difference.

2. Interest = 3597.38 – 2650 = $947.38

Now I = Prn
947.38 = 2650 x r x 5.5
947.38 = 14575r
r = 947.38 ÷ 14575
= 0.06500034305
= 6.5% p.a.