On December 30, you decide to make a $1,200 charitable donation.

Part 1) If you are in the 20.5 percent federal tax bracket, how much will you save in taxes for 2016? Assume that amounts in excess of $200 do not exceed 75 percent of Net income.

Part 2) If you deposit that tax savings in a savings account for the next five years at 10 percent, what is the future value of that account?