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or ui Do Homework chuyu chen Google Chrome https:// 3309434448 questionld 18 flushed false&Cld; 34483288 centerwir NEW chuyu chen 12/3/15 6:53 PM Homework: Homework #11 Overview Problem 7-51 (algorithmic) o of 5 complete Exercise Score: 0 of 2 pts Assignment Score: 0% (0 of 10 pts) en Suppose that you invest $180 per month (before taxes for 34 years (408 payments) and the annual interest rate (APR) is 8%, compounded monthly. If your income tax bracket is 30%, what lump sum, after-tax distribution can be taken at the end of 34 years? SL can be taken at the end of 34 years after-tax distribution. (Round to the nearest dollar.) Enter your answer in the answer box, then click Check Answer All parts showing Clear All Check Answer Save

Explanation / Answer

Before tax distribution = 180 x (((1.0066) ^ 408) - 1) / 0.0066 = $372078

After tax distribution = 372078 x 0.7 = $260454

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