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Problem 4-14 Future Value of a Tax Savings [LO4-5] On December 30 , you decide to make a $2.600 charitable donation. (Assume you limize your
Problem 4-14 Future Value of a Tax Savings [LO4-5] On December 30 , you decide to make a $2.600 charitable donation. (Assume you limize your deductions) (a) If you are in the 24 percent tax bracket and you expect to itemize your deductions, how much will you save in taxes for the current year? (b) If vou denosit that tax savings in a savings account for the next five years at 3 percent, what will be the future value of that account? Use (Round time value factor to 3 decimal places and final answer to 2 decimal places.)
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