Suppose you are in a hurry to get your income tax refund. If you mail your...
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Suppose you are in a hurry to get your income tax refund. If you mail your tax return, you will receive your refund in 3 weeks. If you file the return electronically through a tax service, you can get the estimated refund tomorrow. • The service subtracts a $50 fee and pays you the remaining expected refund. The actual refund is then mailed to the preparation service. Assume you expect to get a refund of $978. • What is the APR with weekly compounding? What is the EAR? How large does the refund have to be for the APR to be 15%? Suppose you are in a hurry to get your income tax refund. If you mail your tax return, you will receive your refund in 3 weeks. If you file the return electronically through a tax service, you can get the estimated refund tomorrow. • The service subtracts a $50 fee and pays you the remaining expected refund. The actual refund is then mailed to the preparation service. Assume you expect to get a refund of $978. • What is the APR with weekly compounding? What is the EAR? How large does the refund have to be for the APR to be 15%?
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Related Book For
Managing in a Global Economy Demystifying International Macroeconomics
ISBN: 978-1285055428
2nd edition
Authors: John E. Marthinsen
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