Your son will be attending an expensive university in 12 years. You deposit $5,000 per year for 12 years,
beginning today. How much money will be in the college fund 12 years from now if the fund earns 8% per
year?
What will be an ideal response?
$102,476.48
Business
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Unless the seller provides the necessary documentation, part of the proceeds of a sale of real property must be withheld for federal tax purposes as provided by
a. the FHA. b. Fannie Mae. c. FIRPTA. d. the IRS.
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Dividend payments on life insurance policies
A) are always nontaxable. B) are always taxable. C) may be taken as an itemized deduction if they are less than 2% of adjusted gross income. D) may be taken as an itemized deduction if they are greater than 2% of adjusted gross income.
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