question 27 (3 points)\nhow much money should be deposited today in an account that earns 4.66% compounded…

question 27 (3 points)\nhow much money should be deposited today in an account that earns 4.66% compounded daily so that it will accumulate to $44,850 in 12 years?\nuse this formula:\n$pv = \\frac{fv}{(1+\\frac{r}{n})^{nt}}$\nenter the dollar amount rounded up to the nearest cent.\nyour answer:\nanswer\nquestion 28 (3 points)\nyour gross pay is $1,703.47 on a biweekly basis. your deductions are listed below.\n. 10% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $49.86 health insurance cost (pre - tax)\n. $75 contribution to a roth ira retirement fund (post - tax)\nwhat is your biweekly net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

question 27 (3 points)\nhow much money should be deposited today in an account that earns 4.66% compounded daily so that it will accumulate to $44,850 in 12 years?\nuse this formula:\n$pv = \\frac{fv}{(1+\\frac{r}{n})^{nt}}$\nenter the dollar amount rounded up to the nearest cent.\nyour answer:\nanswer\nquestion 28 (3 points)\nyour gross pay is $1,703.47 on a biweekly basis. your deductions are listed below.\n. 10% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $49.86 health insurance cost (pre - tax)\n. $75 contribution to a roth ira retirement fund (post - tax)\nwhat is your biweekly net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

Answer

Explanation:

Step1: Identify values for Question 27

$FV = 44850$, $r=0.0466$, $n = 365$, $t = 12$

Step2: Substitute values into formula

$PV=\frac{44850}{(1+\frac{0.0466}{365})^{365\times12}}$ First, calculate the exponent: $365\times12 = 4380$ Then, calculate the value inside the parentheses: $\frac{0.0466}{365}\approx0.000127671$, $1+\frac{0.0466}{365}=1.000127671$ $(1.000127671)^{4380}\approx1.77777$ $PV=\frac{44850}{1.77777}\approx25238.33$

Step3: Identify deductions for Question 28

Federal income - tax deduction: $0.1\times1703.47 = 170.35$ Social - Security and Medicare tax deduction: $0.0765\times1703.47\approx130.32$

Step4: Calculate net pay for Question 28

Net pay=$1703.47-170.35 - 130.32-49.86 - 75$ $1703.47-(170.35 + 130.32+49.86 + 75)$ $1703.47 - 425.53=1277.94$

Answer:

Question 27: $25238.33$ Question 28: $1277.94$