Questions from Personal Finance

Q: Use future value and present value calculations (see tables in the

Use future value and present value calculations (see tables in the Chapter 1 Appendix) to determine the following: a. The future value of a $600 savings deposit after eight years at an annual interes...

Q: Brenda plans to reduce her spending by $50 a month.

Brenda plans to reduce her spending by $50 a month. What would be the future value of this reduced saving over the next10 years? (Assume an annual deposit to her savings account, and an annual interes...

Q: Kara George received a $5,000 gift for graduation for

Kara George received a $5,000 gift for graduation for her uncle. If she deposits this in an account paying 3 percent, what will be the value of this gift in 12 years?

Q: Jamie Lee and Ross have been reading quite a lot about stock

Jamie Lee and Ross have been reading quite a lot about stock funds. At Jamie Lee and Ross’s stage in life, what different types of stock funds would you recommend for them to invest...

Q: On December 30, you decide to make a $3,

On December 30, you decide to make a $3,000 charitable donation. a. If you are in the 24 percent tax bracket, how much will you save in taxes for the current year? b. If you deposit that tax savings i...

Q: Reginald Sims deposits $5,500 each year in a tax

Reginald Sims deposits $5,500 each year in a tax-deferred retirement account. If he is in a 22 percent tax bracket, what amount would his tax be reduced over a 20-year time period?

Q: If a person with a 32 percent tax bracket makes a deposit

If a person with a 32 percent tax bracket makes a deposit of $5,000 to a tax-deferred retirement account, what amount would be saved on current taxes?

Q: Daniel Simmons arrived at the following tax information: /

Daniel Simmons arrived at the following tax information:

Q: Wendy Brooks prepares her own income tax return each year. A

Wendy Brooks prepares her own income tax return each year. A tax preparer would charge her $75 for this service. Over a period of 10 years, how much does Wendy gain from preparing her own tax return?...

Q: Julia Sims has $30,000 of adjusted gross income and

Julia Sims has $30,000 of adjusted gross income and $5,000 of medical expenses. She will be itemizing her tax deductions this year. The most recent tax year has a medical expenses floor of 10%. How...