Answered: Nicholas is 25 years old. He earns… | bartleby

CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 69P

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4

Nicholas is 25 years old. He earns $10,000 a year while completing grad
school. He does not need any of this money for expenses (takes low
interest Federal student loans and grants to cover all expenses) if he
funds a Roth IRA for each the next 3 years at the maximum, how much
will he have at age 60 if the he averages 7.0% annual return until age 60?
(exclude "$" sign and round to nearest whole dollar)
155,272

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