Answered: The Goucher Family Medical Clinic…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 41P

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The Goucher Family Medical Clinic donates a portion of its earnings each year to support human trafficking victims. They have been depositing their money into a money market account that eanrs 8% per year; the amount of thier donations at the end of each year is shown in the table below. At the end of year 3, they plan to donate all of the money in the account to a philantropic organization. What will be the amount their donation.

Year 1 Amount: $7,700

Year 2 Amount : $12,600

Year 3 Amount: $5,600

Definition Definition Financial market that deals in securities or assets that are short-term in nature. The money market is responsible for keeping up the liquidity of the businesses and the organizations. These securities are usually held for a period of 12 months or less and are issued by institutions that require cash or funds for their short-term cash flow requirements. The money market is regulated by the federal government.

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