You wish to retire in 11 years, at which time you want to have accumulated enough money to receive an annual annulty of $26,000 for16 years after retirement. During the period before retirement you can earn 12 percent annually, while after retirement you can earn 14percent on your money.What annual contributions to the retirement fund will allow you to receive the $26,000 annuity? Use Appendix C and Appendix D foran approximate answer, but calculate your final answer using the formula and financial calculator methods.Note: Do not round Intermediate calculations. Round your final answer to 2 decimal places.Annual contribution

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Answered: You wish to retire in 11 years, at…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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