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George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,640. He has just decided to join the company's

George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen:Round your answer to the nearest cent.

a.What is the maximum that he can contribute into this retirement fund?

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