4. Cumulative Savings Balance. Right now your "Cumulative Savings Balance" (i.e., the total value of your stocks, bonds, savings, and checking accounts) is $85,343.86, and the weighted average rate of return for those accounts is 5.75%. Your gross income for this coming year will be $78,453.67. After deductions and credits, your net state and federal income tax will be 14% of your gross income. Your expenses are as follows:
\begin{itemize}
\item House payment: $856.45 per month
\item Food: $112.23 per week
\item Electricity: $102.34 per month
\item Auto, life, health, and homeowners insurance: $385.98 per month
\item Property taxes: $845.21 per year
\item Entertainment and vacations: $2798.45 per year
\item Water and sewer: $76.76 per month
\item Car payment: $435 per month
\item Fuel: $45.44 per week
\item Internet and phone: $115.00 per month
\end{itemize}
Calculate what will be your Cumulative Savings Balance at the end of this coming year. Assume that your current Cumulative Savings Balance (i.e., right now) will earn interest, but that no interest is earned on new savings that are made this year. Solve this problem by hand - do not use MS Excel.
