The Future value is $9523.42. Future value is the amount of money that, when invested now at an interest rate, will eventually grow to be.
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What is the Future Value of Money?</h3>
Future value is the amount of money that, when invested now at an interest rate, will eventually grow to be.
Calculation of Future value
Present Value = $7,000 interest rate = 8% Time = 4 years
FV = Future Value PV = Present Value
FV=PV(1+i)ⁿ
FV= 7,000(1+0.8)⁴= $9,523.42
Thus, the Future Value of $7,000 for four years is $9523.42.
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Answer:
6% = 4500
5% = 3500
Explanation:
wo equations can be derived from the question
x + y = $8,000 equation 1
0.05x + 0.06y = $445. equation 2
x = amount invested in 5%
y = amount invested in 6%
multiply equation 1 by 0.05
0.05x + 0.05y = 400 equation 3
subtract equation 3 from 2
0.01y = 45
y = $4500
substitute for y in equation 1
8500 - 4500 = 3500
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Answer and Explanation:
As we know that the credit amount should be allowed a qualified deduction of 100% till $2,000 and the next 25% is $2,000
In the given situation, the credit amount would be
= $1,600 × 100%
= $1,600
As the AGI is $175,000 i.e. exceeded the prescribed amount i.e. $160,000 so it would be phased out till $180,000
So, after considering the phase out application limits, the credit is
= $1,600 × ($180,000 - $175,000) ÷ ($180,000 - $160,000)
= $400
So, the total credit is $400 out of which $160 is refundable and the remaining balance i.e. $240 would be non-refundable
