Need answers for questions 12, 13, 14, and 15

Income taxes: $470 --- 20% of $2350 Takehome pay: $1880 Betty will save about 20% of the $150, or $30 in federal and state income taxes. Consequently, her paycheck will be only $120 less, yet she will have $150 in her saving account. 9. Suppose Betty saves $200 each month in her 401(k) account. How much less will her monthly take-home pay be than if she saved nothing? (Assume a combined 20% state and federal income tax rate.) 10. Betty decides to set aside SZOO/month. If her monthly 401(k) savings are earning 3% annual interest (APR), what will the balance be in her account after 40 years? Remember to record your Excel formula and arguments alo g with the answers. 2&1 (.oa/ta,'10*121,-100 -_ 195.com) 11. Use Excel to get the balance in Betty's account after 20 yjears. :swwmzaozrzoo) = b {ca 60+! 0 12. Why isn't the balance after 40 years twice the balance after 20 years? 13. The 20-year balance is what percent ofthe 40-year balance? Demonstrate your work required to get this answer. 14. (3) Over the 40year period, how much total money did Betty deposit into the 401(k)? (b) Over the 40-year period, how much less money did she receive in her paychecks? (c) What assumptions do parts (a) and (b) make about Betty? 15. If you think of herltotal in 14(b) as her actual investment, how much prot did Betty make on this investment? Part 3. Matching Savings: Ferdinand with Employer Matching Ferdinand's employer will match 50% of his $250 monthly contributions to his 401(k). This means that Ferdinand's employer will put 50% of 5250 = 5125 into Ferdinand's 401(k) account each month in addition to Ferdinand's $250. What a swell benet! 15. How much will he have after 40 years if his account compounds monthly at 3% APR? :'C'v Les/5.1, L4 Mil, 4:7 a . \\x ' 55\"? 272- b\\ 17. How much did Ferdinand deposit into this account? ' Mags-1%. 3'? 18. How much did the employer put in? 5| 1.15, 737. Wt 19. How much interest did he gain? Part 4: Saving for a car, vacation or home... If an account is designated as a 401(k), then early withdrawals will be met with a penalty. Therefore savings for a car, home, vacation, or your child's college education are better off in an account with a xed interest rate making regular deposits. To determine how much you need to deposit every month so that you have the savings you want to have after a certain period time, use the Excel formula = pmt(rate,nper,pv,[fv],[type])