Can you please answer the general accounting question? Opal earned 10% in her savings account. If sheis in the 28% tax bracket, what is her after-taxsavings rate of return?a. 4.40%b. 2.80%c. 7.20%d. 10%e. 28%

Step 1: Define Savings AccountA savings account is a basic bank account that can be opened with a…

Answered: Opal earned 10% in her savings account.…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter4: Gross Income

Section: Chapter Questions

Problem 1BCRQ

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Opal earned 10% in her savings account. If she is in the 28% tax bracket, what is her after-tax savings rate of return? a. 4.40% b. 2.80% c. 7.20% d. 10% e. 28%