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Joe Smith, a new financial planning client, makes a tax-deductible contribution of $4,000 to a Traditional IRA. The client is in the 24% marginal tax

Joe Smith, a new financial planning client, makes a tax-deductible contribution of $4,000 to a Traditional IRA.

The client is in the 24% marginal tax bracket.

How much are the approximate savings?

Explain your answer and show all your work.

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