"scuba diving." marcy invented a new type of mask that was not subject to fogging for scuba divers and obtained a patent on it. she agrees to allow jenny to manufacture and sell the mask. she receives a sum of money for every mask that jenny sells. marcy also entered into an agreement with frank to allow him to sell the masks, but only if he also purchased non-patented diving suits from marcy. all parties proceeded to do very well with their sales.

You wish to retire in 13 years, at which time you want to have accumulated enough money to receive an annual annuity of $23,000 for 18 years after retirement. during the period before retirement you can earn 9 percent annually, while after retirement you can earn 11 percent on your money. what annual contributions to the retirement fund will allow you to receive the $23,000 annuity? use appendix c and appendix d for an approximate answer, but calculate your final answer using the formula and financial calculator methods.