Your gross income is $4,520.00/month. Your deductions are FICA (7.65%), federal tax withholding (11.75%), and state tax withholding (8.5%). Your fixed expenses are 30% of your realized income. You saved 5 months' worth in an emergency fund, placing 75% in a 60-day CD at a 5.25% APR and the rest in a regular savings account at a 3.8% APR. What is the total amount of your emergency fund?

Answer:$39.27Step-by-step explanation:Gross Income: $4,520.00/moFICA deduction: $345.78 (4,520 x 0.765)FTW deduction: $531.1 (4,520 x .1175)STW Deduction: $348.2 (4,520 x.085)REALIZED INCOME : $3,258.92 x .3)Fixed Income: $977.76 ($3,258.92 x .3)5 months fixed income: $4,888.38CD savings Account balance: $3,666.28 ($4,888.38 x.75)Regular savings account balance: $1,222.1 ($4,888.38 - $3,66.28)Forumla:$ x APR% x timeEverything must be in decimal form. For this case we are looking at 60/365 days of the year, which the last parenthesis represent.CD= ($3,666.28)(.0525)(.164384)=$31.64RSA= ($1222.1)(.038)(.164384)= $7.63$31.64+$7.63=$39.27