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1. Given the following data, calculate the David Brown’s family Adjusted Gross Income (AGI). What are their total itemized deductions? How many personal exemptions do they receive and how much does that save them in taxes if each exemption is worth $3,650 and they are in the 15 percent marginal tax bracket? David is married and has two dependent children. Show all work for full credit. Make sure you account for each piece of data given. ,W-2 Wages $50,000,Mortgage Interest Paid 6,500,Dividends Received 500,Long Term Capital Gains 2,000,Long Term Capital (Loss) 500,Interest Income 50,State Tax Refund 300,Deductible IRA Contribution 5,000,Property Taxes Paid 1,200,Rental Prop. Passive Income 2,500,Charitable Contributions 5,000,Medical Expenses 4,500,Alimony Paid to Ex-Wife 4,000,Un-reimbursed Employee,,2. John Jones is married with son, and would like to purchase enough life insurance to provide the following for his family: ,Pay off home mortgage $200,000,Pay off car loan 20,000,Final burial expenses 10,000,College education for his son 60,000,Annual living expenses for his family 60,000/year for 20 years,,If he were to die, his son and wife would receive $14,400 annually for 12 years from Social Security. His wife is also the primary beneficiary of his $100,000 group life policy. Given this information, how much more life insurance does John need? Additionally, John would like to keep his cash outlay as low as possible and the insurance policy that he purchases to last only 20 years. (20 pts) What type of insurance policy would you recommend? (10 pts) (Show all calculations for full credit). ,,,3. The ABC Class A share mutual fund has a NAV (Net Asset Value) of $35.64 and an offer/purchase price of $37.81. Use this information to answer the following questions. You must show all work for full credit. (Total of 30 pts) ,,a. How many shares will you receive when you invest $10,000? (5 points),b. What is the percentage load? (5 points),c. What is the load charge, in dollars, for this transaction? (5 points),d. The fund in the above example is a front end load fund. If it were a no-load fund, what three criteria must be met for a mutual fund to be considered a no-load fund? (15 points),