Laura has been contributing to a retirement account that pays 1.75% interest with pre-tax dollars. This account compounds interest monthly. She has put $500 per month into the account. At the end of 10 years, she needed to pay some medical bills and had to withdraw 15% of the money that was in the account.
a. Rounded to the nearest dollar, how much did she withdraw? $
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b. Laura pays 23% of her income in taxes. What was her tax on the amount of the withdrawal (rounded to the nearest dollar)? $
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c. She had to pay a 10% early withdrawal penalty. How much was she required to pay, rounded to the nearest dollar? $
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