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You wish to retire in 20 years, at which time you want to have accumulated enough money to receive $14,000 per year for 25 years
You wish to retire in 20 years, at which time you want to have accumulated enough money to receive $14,000 per year for 25 years after retirement. During the period before retirement, you can earn 8 percent annually, while after retirement you can earn 9 percent on your money. What annual contributions to the retirement fund will allow you to receive the $14,000 annually?
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