Dan, and Mike are brothers. They plan to begin savings plans when each is exactly 25. Each brother plans to save $6,000 per year by investing $500 each month into Tax Sheltered or Tax Deferred IRAs. Dan plans to invest his money into a stock mutual fund with a Traditional IRA earning a 9% average annual return. Mike plans to invest into a Stock mutual fund with a Roth IRA earning a 9% average annual return. Assume that the combined federal and state marginal income tax rate for each brother is currently 25% and will remain this percentage during their working years. The $6,000 available for investment by each bother is before income taxes. Also, assume that the marginal combined federal and state income taxes will be 20% for each brother during his retirement years. Remember that the $6,000 available for investment per year is before the payment of income taxes and both will have available for investing monthly ($6,000 / 12 = $500 per month). 1. How much will Dan have in his traditional IRA account at 67? Follow the proper taxation for this type of retirement account. A) Amount available to invest after taxes per month? B) Amount in account at age 67? C) Briefly explain the taxation on withdrawals from a Traditional IRA 2. How much will Mike have in his Roth IRA at age 67? Follow the proper taxation for this type of retirement account. A) Amount available to invest after taxes per month? B) Amount in account at age 67 c) Briefly explain the taxation on the withdrawals from a Roth IRA Dan, and Mike are brothers. They plan to begin savings plans when each is exactly 25. Each brother plans to save $6,000 per year by investing $500 each month into Tax Sheltered or Tax Deferred IRAs. Dan plans to invest his money into a stock mutual fund with a Traditional IRA earning a 9% average annual return. Mike plans to invest into a Stock mutual fund with a Roth IRA earning a 9% average annual return. Assume that the combined federal and state marginal income tax rate for each brother is currently 25% and will remain this percentage during their working years. The $6,000 available for investment by each bother is before income taxes. Also, assume that the marginal combined federal and state income taxes will be 20% for each brother during his retirement years. Remember that the $6,000 available for investment per year is before the payment of income taxes and both will have available for investing monthly ($6,000 / 12 = $500 per month). 1. How much will Dan have in his traditional IRA account at 67? Follow the proper taxation for this type of retirement account. A) Amount available to invest after taxes per month? B) Amount in account at age 67? C) Briefly explain the taxation on withdrawals from a Traditional IRA 2. How much will Mike have in his Roth IRA at age 67? Follow the proper taxation for this type of retirement account. A) Amount available to invest after taxes per month? B) Amount in account at age 67 c) Briefly explain the taxation on the withdrawals from a Roth IRA