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Your clients, Meg and Henry Merkle, (age 32 and 37, respectively) have the following inflows, outflows, and account balances: Annual planned personal savings contributions $12,000
Your clients, Meg and Henry Merkle, (age 32 and 37, respectively) have the following inflows, outflows, and account balances: Annual planned personal savings contributions $12,000 Annual debt payments $16,402 Total annual outflows $164,067 Total annual inflows (ignoring life insurance benefit inherited) Pre-tax: $178,500 $149,175 After-tax: 403(b) retirement plan contributions made by employer $7,200 Current liabilities $6,186 Long term liabilities $198,890 Calculate the Merkle family's savings rate. (Show work below for partial credit)
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