The answer would be 5 minutes.
Answer:
The answer is the IRA
Step-by-step explanation:
If he takes out 2% from each account, the highest penalty will be for the IRA account which is, 6% of 62,000 is $3,720. He will also take 2% of that 62,000 which will be $1,240. The total will be $4,960.
For the 401k account the withdrawal is $1,500 and the penalty is $3,000. That is $460 less than the IRA account.
I hope this answer helps.
40(105/100)=42
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