question 13 (4 points)\nthe wage amount listed on your w - 2 is $103,821.95, your freelance income from a…

question 13 (4 points)\nthe wage amount listed on your w - 2 is $103,821.95, your freelance income from a 1099 - misc is $8,601.35, and you have interest income of $3,377.81. calculate the gross income.\nenter the dollar amount rounded to the nearest cent.\nyour answer\n\nquestion 14 (4 points)\nyou decided to invest some money in a cd that yields 4.26% simple interest when invested for 28 years. how much must you invest so that after those 28 years, your cd is worth $395,000?\nuse this formula:\n$pv=\frac{fv}{(1 + rt)}$\nenter the dollar amount rounded up to the nearest cent.\nyour answer

question 13 (4 points)\nthe wage amount listed on your w - 2 is $103,821.95, your freelance income from a 1099 - misc is $8,601.35, and you have interest income of $3,377.81. calculate the gross income.\nenter the dollar amount rounded to the nearest cent.\nyour answer\n\nquestion 14 (4 points)\nyou decided to invest some money in a cd that yields 4.26% simple interest when invested for 28 years. how much must you invest so that after those 28 years, your cd is worth $395,000?\nuse this formula:\n$pv=\frac{fv}{(1 + rt)}$\nenter the dollar amount rounded up to the nearest cent.\nyour answer

Answer

Explanation:

Step1: Calculate gross income for question 13

Gross income is sum of all incomes. So we add the wage income, freelance income and interest income. $103821.95 + 8601.35+3377.81$ $=115801.11$

Step2: Calculate present - value for question 14

The simple - interest formula for future value $FV$ and present value $PV$ is $FV=PV(1 + rt)$, where $r$ is the interest rate and $t$ is the time. In the given formula $PV=\frac{FV}{1 + rt}$. Here, $FV = 395000$, $r=0.0426$ and $t = 28$. First, calculate $1+rt$: $1+(0.0426\times28)=1 + 1.1928=2.1928$ Then, calculate $PV$: $PV=\frac{395000}{2.1928}\approx179678.96$

Answer:

Question 13: $115801.11$ Question 14: $179678.96$