On December 30, you decide to make a $1,600 charitable donation. (a) If you are in the
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| 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 | $ |
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