Personal Finance (The Mcgaw-hill/Irwin Series in Finance, Insurance, and Real Estate)
Personal Finance (The Mcgaw-hill/Irwin Series in Finance, Insurance, and Real Estate)
11th Edition
ISBN: 9780077861643
Author: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes
Publisher: McGraw-Hill Education
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Chapter 1, Problem 7FPP

Calculating the Future Value of a Series of Amounts. Elaine Romberg prepares her own income tax return each year. A tax preparer would charge her $80 for this service. Over a period of 10 years, howmuch does Elaine gain from preparing her own tax return? Assume she can earn 3 percent on hersavings.

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Ruth has asked for help in determining whether she should receive her $32,500 bonus check in the current year or next year. In the current year, her marginal tax rate is 24% and she anticipates she will be in the 32% marginal tax bracket next year. What advice can you give Ruth? Net revenue from bonus $ Current year Ruth should choose to receive her bonus in the ✓year. Next year
Elaine Romberg prepares her own income tax return each year. A tax preparer would charge her $60 for this service. Over a period of 12 years, how much does Elaine gain from preparing her own tax return? Assume she can earn 5 percent on her savings. Use Exhibit 1- B. (Round time value factor to 3 decimal places and final answer to 2 decimal places.) Answer is complete but not entirely correct. Future value of total gain $1,002.78
Joy had a tax refund of 733.43 due. She was able to get her tax refund immediately by paying a finance charge of 43.08 What simple interest rate is Joy paying for this loan assuming the following are true? Assume 360 days in a year. a) The tax refund check would be available in 5 days. b) The tax refund check would be available in 10 days. c) The tax refund check would be available in 20 days.
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