Income Tax, Chapter 13

timer Asked: Apr 22nd, 2015

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In 2014, Nina contributes 12 percent of her $72,000 annual salary to her 401(k) account. She expects to earn a 7 percent before-tax rate of return. Assuming she leaves this (and any employer contributions) in the account until she retires in 30 years, what is Nina’s after-tax accumulation from her 2014 contributions to her 401(k) account? (Round intermediate calculations to the nearest whole dollar amount. Round "Future value factor" to 4 decimal places.)

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