Suppose you are a manager for a certain company. You earn $$50,000$ per year and are in the $28\%$ federal income tax bracket. Each year you contribute $$5,500$ tax free to your individual retirement account, IRA. The account earns $6\%$ annual interest. In addition, the amount of tax that you save each year by making these "pre$-$tax" contributions is invested in a taxable aggressive growth mutual fund averaging $16\%.$

$($a$)$ How much tax do you save $($in $ $)$ each year by making the retirement fund contributions?

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$($b$)$ Using Table $12-1,$ much will the retirement fund be worth $($in $ $)$ in $30$ years? $($Round your answer to the nearest cent.$)$

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$($c$)$ Although the income from this investment is taxable each year, using Table $12-1,$ how much will the "tax savings" fund be worth $($in $ $)$ in $30$ years? $($Round your answer to the nearest cent.$)$

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