On December 30, you decide to make a $1,000 charitable donation. If you are in a 22

Question:

On December 30, you decide to make a $1,000 charitable donation. If you are in a 22 percent tax bracket, how much will you save in taxes for the current year? If that tax savings was deposited in a savings account for the next five years at 8 percent, what would be the future value of that account?

Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Personal Finance

ISBN: 978-1259720680

12th edition

Authors: Jack R. Kapoor, Les R. Dlabay, Robert J. Hughes, Melissa Hart

Question Posted: