Problem 9-35 Solving for an annuity [LO9-4] Betty Bronson has just retired after 25 years with the electric company. Her total pension funds have an accumulated value of $340,000, and her life expectancy is 16 more years. Her pension fund manager assumes he can earn a 11 percent return on her assets. What will be her yearly annuity for the next 16 years? Problem 9-36 Solving for an annuity [Lo9-4] Morgan Jennings, a geography professor, invests $97,000 in a parcel of land that is expectedto increase in value by 11 percent peryear for the next ten years. He will take the proceeds and provide himself with a 14-year annuity Assuming a 11 percent interest rate, how much will this annuity be? Problem 9-37 Solving for a rate of return [LO9-4] Franklin Templeton has just invested $10,660 for his son (age one). This money will be used for his son's education 20 years from now. He calculates that he will need $71,544 by the time the boy goes to school. What rate of return will Mr. Templeton need to achieve this goal? Problem 9-38 Solving for a rate of return [LO9-4] Mr. Dow bought 100 shares of stock at $23 per share. Three years later, he sold the stock for $29 per share. What is his annual rate of return? Problem 9-39 Yield [LO9-4] If you borrow $9,531 and are required to pay back the loan in five equal annual installments of $2,450, what is the interest rate associated with the loan