An investor makes a nondeductible (after-tax) contribution of $1,756 to a traditional IRA. The IRA...
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An investor makes a nondeductible (after-tax) contribution of $1,756 to a traditional IRA. The IRA contribution grows at 8.38 percent after-tax rate of return compounded annually for 13 years when it is distributed. The distribution is subject to a 37 percent tax. Calculate the dollar amount of IRA distribution the investor is left with after paying taxes.
THE ANSWER IS 2,042.95 however I am unsure how that answer is coming up. I've been working on this for hours and need help with the formulas. please help!
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