33、sibly 9-10 times salary).2.Married, filing jointly, $20,000 taxable income:Marginal tax rate = 15%Taxes due = $20,000 x .15 = $3,000Average tax rate = 3,000/20,000 = 15%Married, filing jointly, $40,000 taxable income:Marginal tax rate = 15%Taxes due = $40,000 x .15 = $6,000Average tax rate = 6,000/4 。

34、0,000 = 15%Married, filing jointly, $60,000 taxable income:Marginal tax rate = 28%Taxes due = $6,780 + .28($60,000 - $45,200)= $6,780 + $4,144 = $10,924Average tax rate = 10,924/60,000 = 18.21%3.Single with $20,000 taxable income:Marginal tax rate = 15%待添加的隐藏文字内容2Taxes due = $20,000 x .15 = $3,000Av 。

35、erage tax rate = 3,000/20,000 = 15%Single with $40,000 taxable income:Marginal tax rate = 28%Taxes due = $4,057.50 + .28($40,000 - $27,050)= $4,057.50 + $3,626 = $7,683.50Average tax rate = 7,683.50/40,000 = 19.21%Single with $60,000 taxable income:Marginal tax rate = 28%Taxes due = $4,057.50 + .28( 。

36、$60,000 - $27,050)= $4,057.50 + $9,226 = $13,283.50Average tax rate = 13,283.50/60,000 = 22.14%4(a).$10,000 invested in 9 percent tax-exempt IRA (assuming annual compounding)in 5 years: $10,000(FVIF 9%) = $10,000(1.5386) = $15,386in 10 years: $10,000(FVIF 9%) = $10,000(2.3674) = $23,674in 20 years:。

37、$10,000(FVIF 9%) = $10,000(5.6044) = $56,0444(b).After-tax yield = Before-tax yield (1 - Tax rate)= 9% (1 - .36)= 5.76%$10,000 invested at 5.76 percent (assuming annual compounding)in 5 years: $10,000(FVIF 5.76%) = $13,231in 10 years: $10,000(FVIF 5.76%) = $17,507in 20 years: $10,000(FVIF 5.76%) = $ 。

38、30,6505(a).$10,000 invested in 10 percent tax-exempt IRA (assuming annual compounding)in 5 years: $10,000(FVIF 10%) = $10,000(1.6105) = $16,105in 10 years: $10,000(FVIF 10%) = $10,000(2.5937) = $25,937in 20 years: $10,000(FVIF 10%) = $10,000(6.7275) = $67,2755(b).After-tax yield = Before-tax yield (1 - Tax rate)= 10% (1 - .15)= 8.50%$10,000 invested at 8.50 percent (assuming annual compounding)in 5 years: $10,000(FVIF 8.50%) = $15,037in 10 years: $10,000(FVIF 8.50%) = $22,610in 20 years: $10,000(FVIF 8.50%) = $51,120 。

来源：(未知)

【学习资料】网址：/a/2021/0406/0021864332.html

标题：investment analysis and portfolio management|solution manual for 《investment analysis and portfolio management》 ch02( 三 )