Ira Schwab wins the lottery and decides to take the one lump sum of$500,000 minus taxes. Ira receives a check for $300,000 after taxes. Usingthe rule of 72, determine the following:a. How long will it take him to get $600,000 if he can earn 3 percent?b. How long will it take him to get $600,000 if he can earn 6 percent?c. How long will it take him to get $1,200,000 if he can earn 9 percent?
Ira Schwab wins the lottery and decides to take the one lump sum of$500,000 minus taxes. Ira receives a check for $300,000 after taxes. Usingthe rule of 72, determine the following:a. How long will it take him to get $600,000 if he can earn 3 percent?b. How long will it take him to get $600,000 if he can earn 6 percent?c. How long will it take him to get $1,200,000 if he can earn 9 percent?
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 3CPA: David is a CPA and enjoys playing the lottery. This year David won 10,000 in lottery scratch-off...
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Ira Schwab wins the lottery and decides to take the one lump sum of
$500,000 minus taxes. Ira receives a check for $300,000 after taxes. Using
the rule of 72, determine the following:
a. How long will it take him to get $600,000 if he can earn 3 percent?
b. How long will it take him to get $600,000 if he can earn 6 percent?
c. How long will it take him to get $1,200,000 if he can earn 9 percent?
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