a regular savings account at a 3.8% APR. What is the total amount of your emergency fund? How much is in the CD and savings account? How much is the total interest earned between both accounts in 60 days? Be sure to include in your response:

a regular savings account at a 3.8% APR. What is the total amount of your emergency fund? How much is in the CD and savings account? How much is the total interest earned between both accounts in 60 days? Be sure to include in your response:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Your gross income is $4,520.00/month. Your deductions are FICA (7.65%), federal tax withholding
(11.75%), and state tax withholding (8.5%). Your fixed expenses are 30% of your realized income. You
saved 5 months' worth in an emergency fund, placing 75% in a 60-day CD at a 5.25% APR and the rest in
a regular savings account at a 3.8% APR. What is the total amount of your emergency fund? How much is
in the CD and savings account? How much is the total interest earned between both accounts in 60 days?
Be sure to include in your response:
• the answer to the original question
• the mathematical steps for solving the problem demonstrating mathematical reasoning

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