1-How much would you receive with replacement cost coverage for a four-year-old sofa destroyed by fire?...

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1-How much would you receive with replacement cost coverage for a four-year-old sofa destroyed by fire?...

1-How much would you receive with replacement cost coverage for a four-year-old sofa destroyed by fire? The sofa would cost $885 to replace today, whereas it cost $800 four years ago and had an estimated life of 8 years.

2-You made a tax-deductible contribution to your individual retirement account (IRA) of $3900 this year. You pay a marginal tax rate of 25%. How much money do you save on taxes this year due to your IRA contribution?

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Answer 1

Answer #1

1.
Replacement cost coverage pays the amount needed to buy the material today
885

2.
=3900*25=975

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Answer 2

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