Additional information: 1. Operating expenses include depreciation expense of $32,000. 2. Land was sold at its book value for cash. 3. Cash dividends of $68,000 were declared and paid in 2022. 4. Equipment with a cost of $132,800 was purchased for cash. Equipment with a cost of $40,800 and a book value of $28,800 was sold for $27,200 cash. 5. Bonds of $40,000 were redeemed at their face value for cash. 6. Common stock ($1 par) of $136,000 was issued for cash.

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.