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Solve the dollar amount of ira distribution the investor

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Problem 1: An investor makes a deductible (before-tax) contribution of $2,634 to a traditional IRA. The IRA contribution grows at an 4.90 percent before-tax rate of return compounded annually for 9 years when 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: EM132911351

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