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1)John's $6,000 deposit in a CD account has an interest rate of 4.6%. John's marginal tax rate is 15% when filing for federal personal income
1)John's $6,000 deposit in a CD account has an interest rate of 4.6%. John's marginal tax rate is 15% when filing for federal personal income tax. How much revenue does the government collect from John's interest income?
A)$900
B)$234.6
C)$276
D)$41.4
I know the answer is $41.4. I need to see work.
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