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What annual contributions to the retirement fund

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1.On January 1, 2016, Charley Dow bought 1,000 shares of stock at $12 per share. On December 31, 2018, he sold the stock for $18 per share. What was his annual rate of return?

2.You wish to retire after 30 years, at which time you want to have accumulated enough money to receive an annuity of $55,000 a year for 18 years of retirement. During the period before retirement, you can earn 9 percent annually, while after retirement you can earn 7 percent on your money.

a. What annual contributions to the retirement fund will allow you to receive the $55,000 annually?

b. What annual contributions are required if the contributions are made at the beginning of each year?

Reference no: EM132769531

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