Concept explainers
(a)
To calculate: The amount of tax saved every year by making the retirement fund contributions in 28% tax bracket. The total earnings is $50,000. The tax free is $2,500 with the interest rate of 8% in retirement account and the aggressive growth mutual fund is averaged at 15%.
(b)
To calculate: The amount of retirement fund in 30 years if the total earnings is $50,000 in 28% tax bracket. The tax free is $2,500 with the interest rate of 8% in retirement account and the aggressive growth mutual fund is averaged at 15%.
(c)
To calculate: The amount of tax saving fund in 30 years, if the total earnings is $50,000 in 28% tax bracket. The tax free is $2,500 with the interest rate of 8% in retirement account and the aggressive growth mutual fund is averaged at 15%.
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Contemporary Mathematics for Business & Consumers
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