On December 30, you decide to make a $1,600 charitable donation.

(a)	If you are in the 28 percent tax bracket, how much will you save in taxes for the current year? Assume your other itemized deductions exceed the standard deduction amount.(Omit the "$" sign in your response.)

Tax savings for the current year

$

(b)	If you deposit that tax savings in a savings account for the next five years at 3 percent, what will be the future value of that account?UseExhibit 1-A.(Round time value factor to 3 decimal places and final answer to 2 decimal places. Omit the "$" sign in your response.)

Future value of tax savings

$