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Larry and Ally are married and file a joint return.They are considering purchasing a personal residence that will generate two deductions: $10,000 in home mortgage interest and $8,000 in real estate taxes.Their marginal tax rate is 25%.What is the total tax savings if Larry and Ally purchase the residence?
Interquartile Range
A measure of variability, calculated as the difference between the upper and lower quartiles, indicating the spread of the middle 50% of the dataset.
Range
The difference between the highest and lowest values in a dataset, providing a measure of the overall spread.
Variance
A measure of the dispersion indicating how far each number in the set is from the mean and from each other.
Standard Deviation
Standard deviation is a measure of the dispersion or spread of a set of data points relative to its mean, indicating how spread out the data points are.
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