A 68-year old retiree has a pension savings of $51,000, a 401k of $58,000, and an IRA account of $68,000. Before 2008, he had 2% more cash in the pension, 12% more in the IRA, and -1% 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 pension, 2% from the 401k, and 6% from the IRA. What is the relevant information for the amount that the retiree will have in his pension if he doesn't take money out now? Select the correct answer below. O The retiree had 2% more cash in the pension in 2008 O The retiree has a pension savings of $51,000 O The retiree has a 401k of $58, 000 O The retiree has an IRA account of $68,000
A 68-year old retiree has a pension savings of $51,000, a 401k of $58,000, and an IRA account of $68,000. Before 2008, he had 2% more cash in the pension, 12% more in the IRA, and -1% 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 pension, 2% from the 401k, and 6% from the IRA. What is the relevant information for the amount that the retiree will have in his pension if he doesn't take money out now? Select the correct answer below. O The retiree had 2% more cash in the pension in 2008 O The retiree has a pension savings of $51,000 O The retiree has a 401k of $58, 000 O The retiree has an IRA account of $68,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A 68-year old retiree has a pension savings of $51, 000, a 401k of $58,000, and an IRA account of $68, 000. Before 2008,
he had 2% more cash in the pension, 12% more in the IRA, and -1% 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 pension, 2% from the 401k, and 6%
from the IRA. What is the relevant information for the amount that the retiree will have in his perision if he doesn't take
money out now?
Select the correct answer below.
The retiree had 2% more cash in the pension in 2008
The retiree has a pension savings of $51, 000
O The retiree has a 401k of $58, 000
O The retiree has an IRA account of $68, 000
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