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You wish to retire after 30 years, at which time you want to have accumulated enough money to receive an annuity of $60.000 a year

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You wish to retire after 30 years, at which time you want to have accumulated enough money to receive an annuity of $60.000 a year for 18 years of retirement During the period before retirement, you can earn 10 percent annually, while after retirement you can eam 6 percent on your money 1 x A E E % a) What annual contributions to the retirement fund will allow you to receive the $60,000 annually? (8 marks) b) What annual contributions are required if the contributions are made at the beginning of each year? (2 marks)

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