Annual contributions to the retirement fund


Looking for assistance and how you got the answer especially on how to break out the percentages.

You wish to retire in 20 years at which time you want to accumulate enough money to receive an annual annuity of 12,000 for 25 years after retirement. During the period before retirement you can earn 8 percent annually, while after retirement you can earn 10 percent on your money.

What annual contributions to the retirement fund will allow you to receive the 12,000 annuity?

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Finance Basics: Annual contributions to the retirement fund
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