Alan Is a 23-Year Old Student at Upper State College

question 96

Multiple Choice

Alan is a 23-year old student at Upper State College.He earned $4,000 at a summer job.
I.Because he earns over $3,700 his parents cannot claim him as a dependent on their return.
II.Alan cannot claim a personal exemption for himself if his parents can claim him as a dependent.

• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Coupon

The yearly rate of interest distributed on a bond, represented as a percentage of its nominal value.

Interest Rate Changes

Variations in the cost of borrowing money, typically determined by central banks, influencing various financial and economic decisions.

Invoice Price

The price initially charged by a manufacturer to a retailer, before any deductions or discounts are applied.

Flat Price

The price of a bond excluding any accrued interest, representing the bond’s value in the market without considering the interest that has accumulated since the last payment.