An employee plans to invest $8,000 per year in a retirement fund at the beginning of each of the next 10 years. The employee believes she will earn 14% on her investments in each of the next 7 years and 9% in each of the last 3 years before she retires.

How much money will the employee have in the retirement fund when she retires?

What would be the internal rate of return associated with her investments and her final retirement position?