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You wish to retire in 10 years, at which time you want to have accumulated enough money to receive an annual annuity of $13,000 for 15 years after retirement. During the period before retirement you can earn 9 percent annually, while after retirement you can earn 11 percent on your money.

Respuesta :

Answer:

Computation of contribution to retirement fund  

Annual payment that the investor wants to receive after retirement = 13000

Number of years after retirement  = 15

Interest rate = 0.11

Value of the fund at 12th year (Use Present Value Formula)  = -93,481.30

Years remaining to retirement = 10

Interest rate = 0.09

Annual contribution upto retirement (Use PMT Formula) = -14,566.27

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