Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose an assistant professor of economics is earning a salary of $80,000 per year. One day she quits her job, withdraws $115,000 from a bank

image text in transcribed
Suppose an assistant professor of economics is earning a salary of $80,000 per year. One day she quits her job, withdraws $115,000 from a bank certicate of deposit (CD) that had been earning 6 percent per year, and uses the funds to open a bookstore. At the end of the year, she shows an accounting prot of $82,500 on her income tax return. What is her economic prot? Her economic prot for the year is $ (round your answer to the nearest dollar)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essays In Economic Sociology

Authors: Max Weber, Richard Swedberg

1st Edition

0691218161, 9780691218168

More Books

Students also viewed these Economics questions

Question

1. To take in the necessary information,

Answered: 1 week ago