Question: On December 30 , you make a $4,800 charitable donation. a. If you are in the 24 percent tax bracket, how much will you save

On December 30 , you make a $4,800 charitable donation. a.

On December 30 , you make a $4,800 charitable donation. a. If you are in the 24 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. Round your answers to 2 decimal places.)

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