You wish to retire in 10 years, at which time you want to have accumulated enough money to receive an annual annuity of $20,000 for 15 years after retirement. During the period before retirement you can earn 11 percent annually, while after retirement you can earn 13 percent on your money. What annual contributions to the retirement fund will allow you to receive the $20,000 annuity?

Del Monty will receive the following payments at the end of the next three years: $12,000, $15,000, and $17,000. Then from the end of the 4th year through the end of the 10th year, he will receive an annuity of $18,000 per year. At a discount rate of 10 percent, what is the present value of all three future benefits?

If you borrow $10,951 and are required to pay back the loan in five equal annual installments of $2,600, what is the interest rate associated with the loan?