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/in Questions Uploads /by Hannah WanguiYou wish to retire in 15 years
/in Questions Uploads /by Hannah WanguiQuestion
You wish to retire in 15 years, at which time you want to have accumulated enough money to receive an annual
annuity of $31,000 for 20 years after retirement. During the period before retirement you can earn 12 percent annually, while after retirement you can earn 14 percent on your money.
What annual contributions to the retirement fund will allow you to receive the $31,000 annuity? Use Appendix C and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
eBook & Resources eBook: Determining the Annuity Value
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interest rate
/in Questions Uploads /by Hannah WanguiQuestion
At a growth (interest) rate of 9 percent annually, how long will it take for a sum to double? To triple?
Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)
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