an accountant for a corporation forgot to pay the firms income tax of $725,875.71 on time. the government…

an accountant for a corporation forgot to pay the firms income tax of $725,875.71 on time. the government charged a penalty of 8.9% interest for the 38 days the money was late. find the total amount (tax and penalty) that was paid. assume 365 days in a year.\nthe total amount paid was $. (round to the nearest cent as needed.)

an accountant for a corporation forgot to pay the firms income tax of $725,875.71 on time. the government charged a penalty of 8.9% interest for the 38 days the money was late. find the total amount (tax and penalty) that was paid. assume 365 days in a year.\nthe total amount paid was $. (round to the nearest cent as needed.)

Answer

Explanation:

Step1: Calculate the penalty amount

The formula for simple - interest is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Here, $P=$725875.71$, $r = 0.089$ (since $8.9%=0.089$), and $t=\frac{38}{365}$ years. $I=725875.71\times0.089\times\frac{38}{365}$ $I = 725875.71\times0.089\times0.1041096$ $I=725875.71\times0.00926575$ $I\approx6723.97$

Step2: Calculate the total amount

The total amount $A$ is the sum of the tax amount $P$ and the penalty amount $I$. $A=P + I$ $A=725875.71+6723.97$ $A = 732599.68$

Answer:

$732599.68$