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
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
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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be sure to include the mathematical steps for solving the problem demonstrating mathematical reasoning
Transcribed Image Text: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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