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A 68 year old retiree has a pension savings of $40,000, a 401k of $63, 000, and an IRA account of $59,000. Before 2008, he had 2% more cash in the pension, 12% more in the IRA, and 1% more in the 401k. He wants to take out 2% from each account before he turns 72, which will cost him a penalty of an extra 1% from the current total pension amount, 2% from the 401k, and 6% from the IRA. What amount will the retiree have in his IRA account if he takes that money out now? Do not include $ in answer. Example, if answer is $7. put 7.

A 68 year old retiree has a pension savings of $40,000, a 401k of $63, 000, and an IRA account of $59,000. Before 2008, he had 2% more cash in the pension, 12% more in the IRA, and 1% more in the 401k. He wants to take out 2% from each account before he turns 72, which will cost him a penalty of an extra 1% from the current total pension amount, 2% from the 401k, and 6% from the IRA. What amount will the retiree have in his IRA account if he takes that money out now? Do not include $ in answer. Example, if answer is $7. put 7.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question A 68 year old retiree has a pension savings of $40, 000, a 401k of $63, 000, and an IRA account of $59,000. Before 2008, he had 2% more cash in the pension, 12% more in the IRA, and 1% more in the 401k. He wants to take out 2% from each account before he turns 72. which will cost him a penalty of an extra 1% from the current total pension amount, 2% from the 401k, and 6% from the IRA. What amount will the retiree have in his IRA account if he takes that money out now? Do not include $ in answer. Example, if answer is $7, put 7.
Transcribed Image Text:Question A 68 year old retiree has a pension savings of $40, 000, a 401k of $63, 000, and an IRA account of $59,000. Before 2008, he had 2% more cash in the pension, 12% more in the IRA, and 1% more in the 401k. He wants to take out 2% from each account before he turns 72. which will cost him a penalty of an extra 1% from the current total pension amount, 2% from the 401k, and 6% from the IRA. What amount will the retiree have in his IRA account if he takes that money out now? Do not include $ in answer. Example, if answer is $7, put 7.
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