Education Tax Credits (LO 6.5)

Janie graduates from high school in 2017 and enrolls in college in the fall. Her parents (who file a joint return) pay $4,000 for her tuition and fees.

a. Assuming Janie's parents have AGI of $170,000, what is the American Opportunity tax credit they can claim for Janie? $

b. Assuming Janie's parents have AGI of $75,000, what is the American Opportunity tax credit they can claim for Janie? $

Starting at age 30, you deposit $2000 a year into an ira account for retirement. treat the yearly deposits into the account as a continuous income stream. if money in the account earns 7%, compounded continuously, how much will be in the account 35 years later, when you retire at age 65? how much of the final amount is interest?

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Consider a firm with a contract to sell an asset for $149,000 four years from now. the asset costs $85,000 to produce today. a. given a relevant discount rate of 14 percent per year, calculate the profit the firm will make on this asset. (a loss should be indicated by a minus sign. do not round intermediate calculations and round your answer to 2 decimal places, e. g., 32.16.) b. at what rate does the firm just break even?