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The return on a tax-deferred account averages 8% over twenty years. The initial investment is $10,000. The tax rate is given as 25%. The investor

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The return on a tax-deferred account averages 8% over twenty years. The initial investment is $10,000. The tax rate is given as 25%. The investor has the option to defer that tax payments or to pay tax every year on the average return. By how much does the return on the tax deferred account exceed the taxable account

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