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Kate is in the 15% tax bracket and has $29,000 available for investment during her...

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Accounting

Kate is in the 15% tax bracket and has $29,000 available for investment during her current tax year. Assume that she remains in the same tax bracket over the next 11 years, and determine the accumulated amount of her investment after taxes if she puts the$29,000 into the following. (Round your answers to the nearest cent.)

(a) a tax-deferred annuity that pays 4%/year, tax deferred for 11 years $ (b) a taxable instrument that pays 4%/year for 11 years Hint: In this case, the yield after taxes is 3.4%/year.

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