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b) Determine the amount of FIN441 Bank's current net income after taxes from the figures below (stated in millions of dollars) and the amount of
b) Determine the amount of FIN441 Bank's current net income after taxes from the figures below (stated in millions of dollars) and the amount of its retained earnings from current income that it will be able to reinvest in the bank. Make sure you prepare a proper Report of Income. (8) 30% $75 Effective tax rate Interest and fees on loans Employee wages, salaries, and benefits Interest and dividends earned on government bonds and notes Provision for loan losses 13 9 8 3 Overhead expenses 3 Service charges paid by depositors 5 Security gains 3 Interest paid on federal funds purchased 9 Payment of dividends of $2 per share on 1 million outstanding shares to be made to common stockholders Interest paid to customers holding time and savings deposits 34 Trust department fees 3
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