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
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fee882694-5bfd-449b-babc-3a214dde8e1b%2F386c3de7-1285-4e99-9062-18b4144b35c8%2Fyxk19jc_processed.jpeg&w=3840&q=75)
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.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Advanced Engineering Mathematics](https://www.bartleby.com/isbn_cover_images/9780470458365/9780470458365_smallCoverImage.gif)
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
![Numerical Methods for Engineers](https://www.bartleby.com/isbn_cover_images/9780073397924/9780073397924_smallCoverImage.gif)
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
![Introductory Mathematics for Engineering Applicat…](https://www.bartleby.com/isbn_cover_images/9781118141809/9781118141809_smallCoverImage.gif)
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
![Advanced Engineering Mathematics](https://www.bartleby.com/isbn_cover_images/9780470458365/9780470458365_smallCoverImage.gif)
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
![Numerical Methods for Engineers](https://www.bartleby.com/isbn_cover_images/9780073397924/9780073397924_smallCoverImage.gif)
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
![Introductory Mathematics for Engineering Applicat…](https://www.bartleby.com/isbn_cover_images/9781118141809/9781118141809_smallCoverImage.gif)
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
![Mathematics For Machine Technology](https://www.bartleby.com/isbn_cover_images/9781337798310/9781337798310_smallCoverImage.jpg)
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
![Basic Technical Mathematics](https://www.bartleby.com/isbn_cover_images/9780134437705/9780134437705_smallCoverImage.gif)
![Topology](https://www.bartleby.com/isbn_cover_images/9780134689517/9780134689517_smallCoverImage.gif)