Today Is January 1

question 128

Multiple Choice

Today is January 1. Starting today,Sam is going to contribute $140 on the first of each month to his retirement account. His employer contributes an additional 50% of the amount contributed by Sam. If both Sam and his employer continue to do this and Sam can earn a monthly rate of ½ of 1 percent,how much will he have in his retirement account 35 years from now?

• A) $199,45.944
• B) $200,456.74
• C) $249,981.21
• D) $299,189.16
• E) $300,685.11

Recognize the influence of caregivers on infants' learning and development.

Identify differences in attention span and cognitive abilities across different ages in early childhood.

Understand the effects of practice and environment on the development of motor skills.

Grasp the concept of categorization and its progression from perceptual to conceptual in infants.

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Definitions:

Income Tax

A tax levied by governments on individuals' or entities' income, used to fund public services and governmental activities.

Taxes

Compulsory financial charges or levies imposed by a government on individuals or entities to fund public expenditures.

Average Tax Rate

The average tax rate is the ratio of the total amount of taxes paid to the total tax base (taxable income or spending), essentially reflecting the percentage of income that goes to taxes.

Total Taxes

refer to the comprehensive amount of taxes (federal, state, local) levied on individuals, corporations, and other entities within a fiscal period.