Kevin made contributions to a Roth IRA over the course of 40 working years. His contributions averaged $3,000 annually. Kevin was in the 25% tax bracket during his working years. The average annual rate of return on the account was 7%. Upon retirement, Kevin stopped working and making Roth IRA contributions. Instead, he started living on withdrawals from the retirement account. At this point, Kevin dropped into the 15% tax bracket. Factoring in taxes, what is the effective value of Kevin’s Roth IRA at retirement? Assume annual compounding.
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I get the IRA amount of $598,905.33 but i dont know what to do next!