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Security X has expected return of 7% and standard deviation of 14%. Security Y has expected return of 11% and standard deviation of 22%. If the two securities have a correlation coefficient of −0.45, what is their covariance?
Social Security (FICA) Tax
A mandatory payroll tax funded by both employers and employees to finance Social Security benefits.
Annual Income
The total amount of money earned by an individual or entity within a year from all sources, including wages, salaries, bonuses, and investments.
Marginal Tax Rate
The rate at which the last dollar of a taxpayer’s income is taxed, indicating the proportion of additional income that is paid in taxes.
Proportional Tax
A tax system where the tax rate remains constant regardless of the amount subject to taxation.
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