Niles has $2,000 he considers his emergency fund Niles contributed the money to a Roth IRA at his brokerage firm The invested funds in the IRA earned 5 this year and brokerage firm charged total fees of $75 His marginal tax rate is 22 Calculate the balance of the fund after one year, not accounting for fees Suppose he has an unexpected car repair of $1,000 and must make a withdrawal What are the penalties and taxes associated with this withdrawal What does Niles have left after making the withdrawal and paying all relevant penalties, fees, and taxes

Question: Niles has $2,000 he considers his emergency fund. Niles contributed the money to a Roth IRA at his brokerage firm. The invested funds in the

Niles has $2,000 he considers his emergency fund. Niles contributed the money to a Roth IRA at his brokerage firm. The invested funds in the IRA earned 5% this year and brokerage firm charged total fees of $75. His marginal tax rate is 22%.

Calculate the balance of the fund after one year, not accounting for fees.
Suppose he has an unexpected car repair of $1,000 and must make a withdrawal. What are the penalties and taxes associated with this withdrawal?
What does Niles have left after making the withdrawal and paying all relevant penalties, fees, and taxes?

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