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Problem $7-33($LO $7-1)($Algo$)$

Hassnein recently deposited $$34,500$ in a savings account paying a guaranteed interest rate of $2$ percent for the next $10$ years. Hassnein expects his marginal tax rate to be $22\mathrm{.}00$ percent for the next ten years and will withdraw enough cash every year to pay the tax on the interest he earns.

Required:

How much interest will he earn after$-$tax for the first year of his investment?

How much interest will he earn after$-$tax for the second year of his investment?

How much will he have in the account after $4$ years?

How much will he have in the account after $7$ years?