Question: On December 30, you make a $3,000 charitable donation. a. If you are in the 28 percent tax bracket, how much will you save in

On December 30, you make a $3,000 charitable donation.

a. If you are in the 28 percent tax bracket, how much will you save in taxes for the current year? (Assume your other itemized deductions exceed the standard deduction amount.)

b. If you deposit that tax savings in a savings account for the next five years at 8 percent, what will be the future value of that account? Use Exhibit 1-A. (Round FV factor to 3 decimal places and final answer to 2 decimal places.)

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