Explanation: Corporate wallets are digital wallets designed for business transactions. These wallets often come with various incentives, such as cash back schemes, to encourage their usage. The cash back scheme is a financial incentive where a certain percentage of the amount recharged into the wallet is credited back to the wallet as a reward.
In the context of the question, the cash back percentage for a corporate (Non BTC) wallet recharge of 6.5 lakh is 4.5%. This means that for every 6.5 lakh recharged into the wallet, 4.5% of that amount is credited back as cash back. The cash back percentage is a fixed rate and is applied uniformly to all recharges within the specified category.
To understand the calculation, let's break it down:
- The recharge amount is 6.5 lakh.
- The cash back percentage is 4.5%.
The cash back amount can be calculated as follows:
\[ \text{Cash Back Amount} = \text{Recharge Amount} \times \left(\frac{\text{Cash Back Percentage}}{100}\right) \]
\[ \text{Cash Back Amount} = 650,000 \times \left(\frac{4.5}{100}\right) \]
\[ \text{Cash Back Amount} = 650,000 \times 0.045 \]
\[ \text{Cash Back Amount} = 29,250 \]
Therefore, for a recharge of 6.5 lakh, the cash back amount would be 29,250. This calculation demonstrates the application of the cash back percentage to the recharge amount.
It is important to note that the cash back percentage can vary based on the terms and conditions of the wallet provider. Students should be aware of the specific cash back rates for different types of transactions and wallets to avoid confusion. Additionally, understanding the concept of cash back and how it is calculated is crucial for managing corporate finances effectively and maximizing the benefits of digital wallets.