Question 5 (1 point) Nate and Nan Munson (ages 58 and 49, respectively) each have a traditional IRA. Nate retired last year and has no earned income. Nan works full-time. Her 2020 wages were $36,000. What is the maximum amount Nate and Nan can contribute to their respective IRAs for 2020? 1) $0 and $6,000, respectively. 2) $0 and $7,000, respectively. 3) $3,000 and $3,000, respectively. O 4) $6,000 and $6,000, respectively. 5) $7,000 and $6,000, respectively