Review: Mini-Quiz Compound Interest

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Presentation transcript:

Review: Mini-Quiz Compound Interest Suppose that you were going to invest $30,000 in an IRA earning interest at an annual rate of 10% What is the total amount of your IRA after 3 years?

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Objective: The student will be able to find personal income tax by using an income tax chart as a guideline.

Economics Income Tax

1. What is the amount of taxes you would have to pay if you earned 200,000 baht? The first 150,000 baht is exempt so you pay 50,000(.10) = 5,000 baht 2. What is the amount of taxes you would have to pay if you earned 2,200,000 baht? Accumulated Tax for the first 1,000,000 = 135,000 plus 30% of 1,200,000. 135,000 + 1,200,000(.30) = 135,000 + 360,000 = 435,000 baht 3. What is the amount of taxes you would have to pay if you earned 51,000 baht? 0 baht

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Lesson Summary: Objective: The student will be able to find personal income tax by using an income tax chart as a guideline.

Preview of the Next Lesson: Objective: The student take a practice test on Mathematical Problems related to Business and Economics.

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