Question

Victoria deposited $3,000 into an IRA that grew to $6,000 at her retirement. If Victoria is currently in the 15% bracket and is retired, how much will she have to pay when she withdraws the entire $6000?

Answer 1

I think it is $900 because .15* 6000 is 900. This means Victoria needs to pay $900.

Answer 2

She will have to pay $900 when she withdraws the entire $6000.

Explanation:

Given

Victoria deposited money= $3000

At her retirement

Victoria's money grow=$6000

Victoria is currently in bracket=15%

Now,to find the 15% of $6000

`(15)/(100) * 6000`

Because 15% means
`(15)/(100)`

15% of $ 6000=
`15* 60`

15% 0f $ 6000= $900

Therefore, when she withdraws the entire amount $6000 then she will have to pay= $900