Suppose you buy a $9000 savings bond that pays 4.75% annual simple interest.
When you cash in the bond, you have to pay 16% federal taxes on the interest you
earned. How much money would you net if you cash in the bond after six years?
Type your answer in the box below. Round to 2 decimal places.
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1 answer
9000 (1 + 6*0.0475) * 0.84 = ____
1 answer