Your goal is to earn an annual salary of $100,000 three years from now. You expect to increase your salary by 6.5 percent annually. How much do you need to earn this year if you are going to reach your goal? a. $72,988.08
b. $82,784.91
c. $87,878.88
d. $84,363.13

$87,878.88

Explanation:

Calculation How much do you need to earn this year

Using this formula

PV =FV/ (1 + r )^n

Where,

FV =Future Value=$100,000

PV =Present Value

r =rate of interest=6.5%

n=no of period=3 years

Let plug in the formula

PV =$100,000 / ((1 + 6.5%)^3)

PV =$82,784.91

Therefore the amount you need to earn this year will be $82,784.91

a progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. that means it takes a bigger percentage from high income earners than it does from low income people.