Tax Savings. Lloyd and his wife, Jean, have no retirement plan at work, but they contribute...

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Tax Savings. Lloyd and his wife, Jean, have no retirement plan at work, but they contribute...

Tax Savings. Lloyd and his wife, Jean, have no retirement plan at work, but they contribute $3,500 each year to a traditional IRA. They are in a 28% 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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