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Your client, aged 52, who expects to pay 20% federal and 5% in state taxes,...

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Accounting

Your client, aged 52, who expects to pay 20% federal and 5% in state taxes, plans to retire in 10 years. She wants to know how much aftertax income can be withdrawn from an IRA at the start of each month for 10 years if she makes the maximum contribution on the 1st of each month for 10 years and earns 7%. Assume that the IRA contribution limit is $5,500, and the catch-up contribution limit is $1,000.
A. $816.42
B. $821.19
C. $1,088.57
D. $1,095

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