Question: solve for part b please You would like to have $900,000 in 40 years by making regular deposits at the end of each month in

solve for part b please  solve for part b please You would like to have $900,000
in 40 years by making regular deposits at the end of each

You would like to have $900,000 in 40 years by making regular deposits at the end of each month in an annuity that pays 8% compounded monthly. The table below shows the 2016 marginal tax rates, standard deduction, and exemptions for a single person. Complete parts (a) through (c). Tax Rate Single 10% up to $9275 15% $9276 to $37,650 25% $37,651 to $91,150 28% $91,151 to $190,150 33% $190,151 to $413,350 35% $413,351 to $415,050 39.6% more than $415,050 Standard Deduction $6300 Exemptions $4050 (per person) a. Determine the deposit at the end of each month. In order to have $900,000 in 40 years, you should deposit $ 258 each month. (Round up to the nearest dollar.) b. Assume that the annuity in part (a) is a tax-deferred IRA belonging to a man whose gross income in 2005 was $69,000. Use the table on the left to calculate his 2005 taxes first with and then without the IRA. Assume the man is single with no dependents, has no tax credits, and takes the standard deduction. The income tax with the IRA is $ (Use the answer from part (a) to find this answer. Round up to the nearest cent as needed.) The income tax without the IRA is $ (Use the answer from part (a) to find this answer. Round up to the nearest cent as needed.)

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