an accountant for a corporation forgot to pay the firms income tax of $28,839.84 on time. the government…

an accountant for a corporation forgot to pay the firms income tax of $28,839.84 on time. the government charged a penalty of 9.6% simple 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. the total amount paid was $74,430.60. (round to the nearest cent as needed.)

an accountant for a corporation forgot to pay the firms income tax of $28,839.84 on time. the government charged a penalty of 9.6% simple 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. the total amount paid was $74,430.60. (round to the nearest cent as needed.)

Answer

Answer:

$744,330.60

Explanation:

Step1: Calculate penalty amount

The penalty is simple - interest. The formula for simple interest is $I = Prt$, where $P$ is the principal amount (tax amount), $r$ is the annual interest rate, and $t$ is the time in years. The tax amount $P=$725,839.84$, the annual interest rate $r = 9.6%=0.096$, and the time $t=\frac{45}{365}$ years. $I=725839.84\times0.096\times\frac{45}{365}$ $I = 725839.84\times0.096\times0.12328767$ $I\approx8490.80$

Step2: Calculate total amount

The total amount paid is the sum of the tax amount and the penalty amount. Total amount=$725839.84 + 8490.80=$744330.64\approx$744,330.60$ (rounded to the nearest cent)