EXCEL ANSWER An employee plans to invest in a retirement fund at the beginning of each of the next 10 years. The employee will initially invest $20,000 in the first year and increase the annual investment amount by 10% in each of the next 4 years and then by 5% in each of the remaining years. The employee believes she will earn 12% annually on her investments in the first 4 years, 9% annually in the next 4 years, and 6% annually in each of the final 2 years before she retires.

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

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

(EXCEL)