You wish to retire after 18 years, at which time you want to have accumulated enough money
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Question:
You wish to retire after 18 years, at which time you want to have accumulated enough money to receive an annuity of $14,000 a year for 20 years of retirement. During the period before retirement you can earn 11 percent annually, while after retirement you can earn 8 percent on your money. What annual contributions tothe retirement fund will allow you to receive the $14,000 annually?
Related Book For
Foundations of Financial Management
ISBN: 978-1259194078
15th edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
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