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Instructions: Show all work clearly and in an organized matter. If you solve the problem with the financial calculator inputs (N, I/YR, PV, PMT, FV),

Instructions: Show all work clearly and in an organized matter. If you solve the problem with the financial calculator inputs (N, I/YR, PV, PMT, FV), then please list the value that you inputted for each.

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Q. For a taxable income of $1,500,000, what is the effective tax rate? Round to the nearest 0.01%

Use the following table to answer question 1. Income $0-$50,000 $50,001-$75,000 $75,0010-$100,000 $100,001-$335,000 $335,001-$10,000,000 $10,000,001-$15,000,000 $15,000,001-$18,333,333 $18,333,334+ Tax Rate 15% 25% 34% 39% 34% 35% 38% 35%

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