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Tax Savings. Lloyd and his wife, Jean, have no retirement plan at work, but they contribute $2,700 each year to a traditional IRA. They are

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Tax Savings. Lloyd and his wife, Jean, have no retirement plan at work, but they contribute $2,700 each year to a traditional IRA. They are in a 24% marginal tax bracket. What tax savings will they realize for these contributions annually? The tax savings they will realize annually for these contributions is $ (Round to the nearest dollar.)

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