lozzipops_87
Member
2003 hsc q24 b)??
dont ge it plz help
dont ge it plz help
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- Thread starter lozzipops_87
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Question 24 (b)
(i) Total annual income = 58624 + (900 x 12)
= $69424
(ii) Tax payable = 17730 + 0.48(69424 – 66000)
= $19373.52
(iii) Tax from second job = Total tax - Tax from first job
= 19373.52 – 14410.80
= $4962.72
Monthly tax from second job = 4962.72 ÷ 12
= $413.56
Net monthly income = 900 – 413.56
= $486.44
(iv) Future value = M [ ((1+r)^n – 1) / r ]
= 486.44 [ ((1+0.003)^24 – 1) / 0.003 ]
= $12133.22
If you're using a graphic calculator, you can use the TVM mode for (iv).
n = 2 x 12
I = 4%
PV = 0
PMT = 486.44
FV = ?
P/Y = 12
C/Y = 12
So future value = $12133.22
Since this is more than the $12000 required, Vicki will be able to pay from her holiday!
(i) Total annual income = 58624 + (900 x 12)
= $69424
(ii) Tax payable = 17730 + 0.48(69424 – 66000)
= $19373.52
(iii) Tax from second job = Total tax - Tax from first job
= 19373.52 – 14410.80
= $4962.72
Monthly tax from second job = 4962.72 ÷ 12
= $413.56
Net monthly income = 900 – 413.56
= $486.44
(iv) Future value = M [ ((1+r)^n – 1) / r ]
= 486.44 [ ((1+0.003)^24 – 1) / 0.003 ]
= $12133.22
If you're using a graphic calculator, you can use the TVM mode for (iv).
n = 2 x 12
I = 4%
PV = 0
PMT = 486.44
FV = ?
P/Y = 12
C/Y = 12
So future value = $12133.22
Since this is more than the $12000 required, Vicki will be able to pay from her holiday!