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Assuming a25% taxbracket, what would be the net effect of investing $600 600 per year at 12 12% for 20 20 years if taxes on

Assuming a25% taxbracket, what would be the net effect of investing $600

600 per year at 12

12% for 20

20 years if taxes on the earnings were paid from the investment fund eachyear? How would this compare if no taxes had to bepaid, such as in atax-deferred annuity at 12

12% for 20

20 years?

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