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19 December, 12:53

An individual owns a bicycle repair business as a sole proprietorship. He does not make a lot of money, but he does have $5,000 available for investment this year. The BEST recommendation for this individual is to make a $5,000 contribution to a (n) :

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  1. 19 December, 16:10
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    Roth IRA

    Explanation:

    The best recommendation for this individual would be to make a $5,000 contribution to a Roth IRA fund. A Roth IRA is an individual retirement account in the United States that offers tax-free growth and withdrawals in retirement at age 59½ or older. Since Roth IRA accounts have a annual contribution limit which varies between 5k to 6k a year, the individual will be able to max out this year's contribution with this single payment.
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