question 6 (3 points)\nyou purchased a car for $56,400. the car depreciates at a rate of 11% per year. after…

question 6 (3 points)\nyou purchased a car for $56,400. the car depreciates at a rate of 11% per year. after 4 years, you decide to sell the car. what is the value of your car after 4 years?\nuse this formula:\n$fv = pv(1 - r)^t$\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer\nquestion 7 (3 points)\nyour gross pay is $902.32 on a weekly basis. your deductions are listed below.\n. 12% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $62.63 health insurance cost (pre - tax)\n. $50 contribution to a 401(k) retirement fund (pre - tax)\nwhat is your weekly net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

question 6 (3 points)\nyou purchased a car for $56,400. the car depreciates at a rate of 11% per year. after 4 years, you decide to sell the car. what is the value of your car after 4 years?\nuse this formula:\n$fv = pv(1 - r)^t$\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer\nquestion 7 (3 points)\nyour gross pay is $902.32 on a weekly basis. your deductions are listed below.\n. 12% withholding for federal income tax\n. 7.65% for social security and medicare taxes\n. $62.63 health insurance cost (pre - tax)\n. $50 contribution to a 401(k) retirement fund (pre - tax)\nwhat is your weekly net pay?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

Answer

Explanation:

Step1: Identify values for Question 6

$PV = 56400$, $r=0.11$, $t = 4$

Step2: Substitute values into formula

$FV=56400\times(1 - 0.11)^{4}=56400\times0.89^{4}$

Step3: Calculate $0.89^{4}$

$0.89^{4}=0.89\times0.89\times0.89\times0.89 = 0.62742241$

Step4: Calculate $FV$ for Question 6

$FV=56400\times0.62742241\approx35386.62$

Step5: Calculate total percentage deductions for Question 7

$12%+7.65%=0.12 + 0.0765=0.1965$

Step6: Calculate amount of percentage - based deductions for Question 7

$902.32\times0.1965 = 177.20588$

Step7: Calculate total deductions for Question 7

$177.20588+62.63 + 50=289.83588$

Step8: Calculate net pay for Question 7

$902.32-289.83588\approx612.48$

Answer:

Question 6: $35386.62$ Question 7: $612.48$