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Solve dollar amount of ira distribution investor is left

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Reference no: EM132985549

Problem 1: An investor makes a deductible (before-tax) contribution of $1,427 to a traditional IRA. The IRA contribution grows at an 5.62 percent before-tax rate of return compounded annually for 15 years when it is distributed. The distribution is subject to a 22 percent tax. Calculate the dollar amount of IRA distribution the investor is left with after paying taxes.

Reference no: EM132985549

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