The following are the annual operations. The interest rate for the first fourteen years is 1% per month and thereafter will be 1.5% per month: $100,000 will be contributed at the end of each year for 8 years. end of each year for 8 years (the first is at the end of year 1); equal annual withdrawals will be made from the end of year 10 to the end of year 14 of $60,000; finally, equal contributions of $50,000 will be made from the end of year 15 to the end of year 20.

8. Calculate the effective annual interest rates: Answer 12.6825% and 19.56182%. 9. Calculate the balance in present value: Answer $444,117.28 10. Calculate the balance in future value: Answer $6,903,087.93