1) What does each variable represent in the following formula: nt A = PMT (1+)" r n PMT = A- Dew amount - principle rate - number time or no. of of yrs. (4) n= For questions 2-13, assume you make $54,000 every year, the tax schedule used in class does not change, you are single with no kids, and you are paid twice per month. Also, assume a standard deduction for an independent individual (single) with no dependents, is $12,000. 2) What is your gross income per paycheck? 3) A common retirement plan is a 401(k). There are two major benefits to this plan. The first benefit, is your money is deposited before taxes and it is allowed to grow tax free. The second benefit, is that employer's often "match" a portion of contribution. For example, if an employer is willing to match up to 4% of your salary and you deposit 6% of your salary, then 10% of your salary will be placed into your 401(k). Suppose this scenario plays out. How much will you be placing into your 401(k) each paycheck? a. b. How much will you be placing into your 401(k) each year? c. How much total (you and your employer) will be contributed per paycheck