Problem $7-25$

You wish to retire in $14$ years and currently have $$70,000$ in a savings account yielding $6$ percent annually and $$110,000$ in quality "blue chip" stocks yielding

$9$ percent. If you expect to add $$20,000$ at the end of each year to your stock portfolios, how much will you have in your retirement fund when you retire? Use

Appendix A and Appendix $C$ to answer the question. Round your answer to the nearest dollar.

$

What rate of return must you earn on your retirement funds if you want to withdraw $$105,000$ per year for the next $15$ years after retiring? Use Appendix $D$ to

answer the question. Round your answer to the nearest whole number.

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I dont want an excel format answer. I want the formula.