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Assuming that Elijah is in the 25 percent tax bracket (and will remain there for the...

Assuming that Elijah is in the 25 percent tax bracket (and will remain there for the next 30 years), determine the annual and total (over 30 years) tax savings he'll enjoy from the $5,000-a-year contributions to his IRA. Contrast the (annual and total) tax savings he'd generate from a traditional IRA with those from a Roth IRA. If an answer is zero, enter "0". Round your answers to the nearest dollar.

Traditional IRA annual tax savings: $ _______________

Roth IRA annual tax savings: $___________________

Traditional IRA total tax savings: $ _____________________

Roth IRA total tax savings: $___________________

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Assuming that Elijah is in the 25 percent tax bracket (and will remain there for the next 30 years), determine the annual and total (over 30 years) tax savings he'll enjoy from the $5,000-a-year contributions to his IRA. Contrast the (annual and total) tax savings he'd generate from a traditional IRA with those from a Roth IRA.

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