Savanna makes annual contributions in the amount $1500 on average to a traditional IRA. She wants to retire and 37 years. She is currently taxed in the 28% tax bracket but anticipates being taxed at 10% in her retirement years. If the average annual rate of return on her account is 6.5% what is the effective value of savannas traditional IRA account at retirement? (show work)
A = $192,710.13
B = $198,582.37
C = $473,646.99
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