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Calculate the dollar amount of IRA distribution

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Reference no: EM132928839

Question - An investor makes a deductible (before-tax) contribution of $1,301 to a traditional IRA. The IRA contribution grows at an 7.84 percent before-tax rate of return compounded annually for 8 years it is distributed. The distribution is subject to a 25 percent tax. Calculate the dollar amount of IRA distribution the investor is left with after paying taxes.

Reference no: EM132928839

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