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You wish to retire after 3 0 years, at which time you want to have accumulated enough money to receive an annuity of $ 1

You wish to retire after 30 years, at which time you want to have accumulated enough money to receive an annuity of $150,000 a year for 20 years of retirement. During the period before retirement you can earn 3 percent annually; while after retirement you can earn 5 percent on your money. What annual contribution to the retirement fund will allow you to receive the $150,000 annually?

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