To start with,
Let x signify the balance in the first savings account.
Let y signify the balance in the second savings account.
The combined total in the accounts is $9,000, leading to the equation:
x + y = 9000 (1)
Zack withdrew 10% from account x and 60% from account y, totaling $2,175.
Thus,
0.1x + 0.6y = 2175
or
x + 6y = 21750 (2)
To find y, subtract equation (1) from (2):
x + 6y - (x + y) = 21750 - 9000
5y = 12750
y = 2550
Next, from (1), compute:
x = 9000 - 2550 = 6450
Consequently, the balance in the first account is
0.9*x = 0.9*6450 = $5,805, while the balance remaining in the second account is
0.4*y = 0.4*2550 = $1,020.
Final answer:
The balance in the first account is $5,805 and the balance in the second account is $1,020.
Answer:
$21,370.1071
Explanation:
The calculation for the present value of this perpetuity is as follows:
= Present value five years later + present value at the time of purchase
where,
The present value after five years is
= ($1,000) ÷ (1.04)^5
=$821.9271
Additionally, the present value at the purchase time is
= $821.9271 ÷ 4%
=$20,548.18
Thus, the total present value of the perpetuity is
=$821.9271 + $20,548.18
= $21,370.1071
Answer:
$5,000 Schedule A (Itemized Deductions)
Explanation:
Solution
Recall that:
George's total income amounts to =$5000
Property taxes equal =$3000
Operating costs are =$1500
Depreciation amounts to =$800
Now
Typically, according to the IRS guidelines, expenses incurred from a hobby are only allowable to the extent of the income generated by that hobby. Since a hobby is for personal enjoyment rather than profit, it cannot be classified as business profit and loss
Thus, George's deductible expense for the year totals $5,000 and should be reported on Schedule A (Itemized Deductions).
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