# Lori purchased educational savings bonds to help finance her son's education. She paid $4,000 for the bonds. The bonds matured at $6,000, and the son used $2,500 to pay his tuition for the first semester. The son quit school after one semester and Lori used the remaining money to buy her son a car. If Lori's AGI is $55,000, how much interest is included in her gross income?

1 answer

###### Question:

Lori purchased educational savings bonds to help finance her son's education. She paid $4,000 for the bonds. The bonds matured at $6,000, and the son used $2,500 to pay his tuition for the first semester. The son quit school after one semester and Lori used the remaining money to buy her son a car. If Lori's AGI is $55,000, how much interest is included in her gross income?

## Answers

Answer:$1,167 nterest is included in her gross income.Explanation:Interest in this case = $6,000 - $4,000 = $2,000 Amount invested = 2,500/6000 = 41.67% Interest excluded = 2,000*41.67% = $833 interest included in Lori’s AGI = $2,000 – $833 = $1,167 Therefore, $1,167 nterest is included in her gross income.

#### Similar Solved Questions

2 answers

### A cruise ship is traveling at a rate of 20 miles per hour. Use a direct variation formula to calculate the time it would take to travel 180 miles.

A cruise ship is traveling at a rate of 20 miles per hour. Use a direct variation formula to calculate the time it would take to travel 180 miles....

2 answers

### Which of the following best describes the major goal of the Tulsa Development Authority? A. to revitalize suburban spaces, adding to the geographic growth of the city B. to increase municipal funding to provide students better recreational spaces within schools C. to renew public space, converting abandoned places into parks and recreation spaces D. to determine suitable land for the creation of a new, larger airport

Which of the following best describes the major goal of the Tulsa Development Authority?
A. to revitalize suburban spaces, adding to the geographic growth of the city
B. to increase municipal funding to provide students better recreational spaces within schools
C. to renew public space, converting a...

1 answer

### Jason and Leo both went to a Florida Marlins game. Jason bought two seats in Section 100 and one seat in Section 300 and paid a total of $6. Leo bought two seats in Section 100 but sold one seat in Section 300 and ended up paying a total of $2. What are the prices for seats in Secton 100 ansd Section 300?

Jason and Leo both went to a Florida Marlins game. Jason bought two seats in Section 100 and one seat in Section 300 and paid a total of $6. Leo bought two seats in Section 100 but sold one seat in Section 300 and ended up paying a total of $2. What are the prices for seats in Secton 100 ansd Sectio...

1 answer

### Which describes the correct pairing of DNA bases?

Which describes the correct pairing of DNA bases?...

2 answers

### Can someone help me out? (question down at the image below.)

can someone help me out? (question down at the image below.)...

2 answers

### PLEASE HELP NOW!!!!! The inequality –3^x + 5 > –4 can be broken into two related inequalities. Review the graphs of the two related inequalities.On a coordinate plane, a dotted line is at y = 4. Everything above the line is shaded. A dotted curved line approaches y = 5 in quadrant 2 and then curves down through (0, 4) and (1, 2). Everything below and to the left of the curve is shaded.Which set shows the solution to –3x + 5 > –4?(–∞, 2)(–4, ∞)(–4, 5)(2, ∞)

PLEASE HELP NOW!!!!! The inequality –3^x + 5 > –4 can be broken into two related inequalities. Review the graphs of the two related inequalities.On a coordinate plane, a dotted line is at y = 4. Everything above the line is shaded. A dotted curved line approaches y = 5 in quadrant 2 and then ...

2 answers

### 1.) Calculate the work done in lifting a 200 N couch a distance of 1.3 m from a loading ramp.2.) How much work is done when a 40 N force is applied to push a shopping cart a distance of 6 m?3.) Calculate how much work you would have to do to push your car (which has a mass of 254 kg) adistance of 3 meters

1.) Calculate the work done in lifting a 200 N couch a distance of 1.3 m from a loading ramp.2.) How much work is done when a 40 N force is applied to push a shopping cart a distance of 6 m?3.) Calculate how much work you would have to do to push your car (which has a mass of 254 kg) adistance of 3 ...

2 answers

### Which excerpt from Dispatches contains a paradox? A.) And at night, all of it seemed more possible. At night in Khe Sanh, waiting there, thinking about all of them (40,000, some said), thinking that they might really try it, could keep you up. B.) If they did, when they did, it might not matter that you were in the best bunker in the DMZ, wouldn’t matter that you were young and had plans, that you were loved, that you were a noncombatant, an observer. C.) Because if it came, it would be in a bl

Which excerpt from Dispatches contains a paradox?
A.) And at night, all of it seemed more possible. At night in Khe Sanh, waiting there, thinking about all of them (40,000, some said), thinking that they might really try it, could keep you up.
B.) If they did, when they did, it might not matter tha...

1 answer

### Angle PQT = 140 degrees. What is the measure of angle OQR? 0 Р a Q R 140 S T U V

Angle PQT = 140 degrees. What is the measure of angle OQR?
0
Р
a Q
R
140
S
T
U
V...

2 answers

### A company makes glass lawn ornaments with a radius of 9 inches. The glass to make the balls costs the company $0.03 per square inch. To the nearest cent, how much does the company pay for the glass to create one omament? Use 3.14 for Recall the formula SA=472 $3.39 $6.78 $30.52 $122.08

A company makes glass lawn ornaments with a radius of 9 inches. The glass to make the balls costs the company $0.03 per
square inch. To the nearest cent, how much does the company pay for the glass to create one omament? Use 3.14 for
Recall the formula SA=472
$3.39
$6.78
$30.52
$122.08...

1 answer

### Hannibals army does not continue to fight so they are not able to completly wipe out the romans. This gave the romans time to ____. omg help.

hannibals army does not continue to fight so they are not able to completly wipe out the romans. This gave the romans time to ____.
omg help....

1 answer

### The average elevation of the city of New Orleans, Louisiana, is 0.5 m below sea level. The highest point in Louisiana is Driskill Mountain at about 163.5 m higher that New Orleans. How high is Driskill Mountain

The average elevation of the city of New Orleans, Louisiana, is 0.5 m below sea level. The highest point in Louisiana is Driskill Mountain at about 163.5 m higher that New Orleans. How high is Driskill Mountain...

2 answers

### 01.01) Evaluate 32 + (8 − 2) ⋅ 4 − 6 over 3. (1 point)

01.01)
Evaluate 32 + (8 − 2) ⋅ 4 − 6 over 3. (1 point)...

2 answers

### A store buys jeans for $20 each and marks up by 40% what is the price of the jeans at the store

a store buys jeans for $20 each and marks up by 40% what is the price of the jeans at the store...

2 answers

### 3. Jon ate too many holiday cookies and gained 9 pounds in December. Then he went on a diet and lost 4 pounds in January. Then he lost another 7 pounds in February, Jon wants to know what the total change in his weight was over these three months. Which of the following equations matches the situation above? A -9+4+7 B 9+(-4) + (-7) C. None of the above.

3. Jon ate too many holiday cookies and gained 9 pounds in December. Then he went on a diet and lost 4 pounds in
January. Then he lost another 7 pounds in February, Jon wants to know what the total change in his weight was over these
three months. Which of the following equations matches the situati...