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How much will fred save in income taxes year

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Reference no: EM132395429

Fred deposited $4,000 into a traditional IRA this year. He expects his account will earn an average annual rate of 6.5%, and he plans to withdraw the money in 35 years. His current income tax rate is 38%, but he anticipates that his income tax rate will be 25% when he withdraws the money. How much will Fred save in income taxes this year?

Reference no: EM132395429

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