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Problem 19-34 (LO. 4, 5, 6) Answer the following independent questions with respect to a deductible IRA and $ 401(k) contributions for 2020. a. Govind,
Problem 19-34 (LO. 4, 5, 6) Answer the following independent questions with respect to a deductible IRA and $ 401(k) contributions for 2020. a. Govind, age 31, earns a salary of $26,000 and is not an active participant in any other qualified plan. His wife Olga reports $600 of compensation income. The maximum total deductible contribution to their IRAs is $ b. Danos is a participant in a SIMPLE 401(k) plan. He contributes 6% of his salary of $42,000, and his employer contributes 3%. and his employer's total The amount of his total contributions to his SIMPLE $ 401(k) account for the year is $ contributions are $ . The amount that will vest immediately is $ C. Nancy wants to contribute $8,000 at the end of each year into a $ 401(k) plan for 20 years with the expectation of an annual 6% interest earned. If the first contribution occurs at year-end, what amount will be in her 401(k) in 20 years? The future value of an ordinary annuity at 6% in 20 years is 36.7856. Round your answer to the nearest dollar
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