Question 1. A resident of the United States has a base income of $23,000 after adjustments for deductions. New legislation by Congress would tax this income at a rate of 11 percent. What tax would be due?
Question 2. Find the simple interest on $8537 at 10% per annum for 8 months.
Question 3. Find the simple exact interest on $24,281 at 12 3/4% (per annum) from June 8 of one year to February 14 of the next year.
Question 4. Find the effective rate corresponding to 3% compounded quarterly.