You wish to retire in 20 years, at which time you want to have accumulated enough money to receive an annuity of $12,000 for 25 years after retirement. During the period before retirement you can earn 8 percent annually, while after retirement you can earn 10 percent on your money.
What annual contributions to the retirement fund will allow you to receive the $12,000 annuity?
What annual contributions to the retirement fund will allow you to receive the $12,000 annuity?
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