The interest rate of one-year fixed deposit is 4.7% and that of two-year fixed deposit is 5.1%. If someone deposits 1000 yuan for three years, how much is the total principal and interest after three years? The answer is 1000 * (1 + 4.7% * 80%) * (1 + 5.1% * 2 * 80%)

The interest rate of one-year fixed deposit is 4.7% and that of two-year fixed deposit is 5.1%. If someone deposits 1000 yuan for three years, how much is the total principal and interest after three years? The answer is 1000 * (1 + 4.7% * 80%) * (1 + 5.1% * 2 * 80%)

It is necessary to deposit the maximum principal and interest for one year and another for two years
1000 × 4.7% is the interest of the first year, and deducting 20% of the personal income tax is 1000 × 4.7% × 80%, so the sum of principal and interest after one year is 1000 + 1000 × 4.7% × 80%, that is, 1000 × (1 + 4.7% × 80%). Just save the money for another two years (1 + 5.1% × 2 × 80%) (that means two years). To sum up, the answer is 1000 * (1 + 4.7% * 80%) * (1 + 5.1% * 2 * 80%)

The interest rate of one-year fixed deposit is 4.7% and that of two-year fixed deposit is 5.1%. If someone deposits 1000 yuan for three years, how much is the total principal and interest after three years?

Interest = principal × interest rate × term
1. Deposit for one year
One year interest = 1000 × 4.7% = 47 yuan
2. Principal and interest and deposit
Two year interest = (1000 + 47) × 5.1% × 2 = 106.794 yuan
Sum of principal and interest = 1000 + 47 + 106.794 = 1153.794 yuan
Three years later, the principal and interest totaled 1153.794 yuan