Chris Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to...
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Chris Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 9% basis that will enable him to withdraw $19,700 per year on June 30 , beginning in 2024 and continuing through 2027 . To develop this fund, Chris intends to make equal contributions on June 30 of each of the years 2020-2023. (a) Click here to view factor tables How much must the balance of the fund equal on June 30, 2023, in order for Chris to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Balance of the fund equal on June 30, 2023 $
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Chris Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 9% basis that will enable him to withdraw $19,700 per year on June 30 , beginning in 2024 and continuing through 2027 . To develop this fund, Chris intends to make equal contributions on June 30 of each of the years 2020-2023. (a) Click here to view factor tables How much must the balance of the fund equal on June 30, 2023, in order for Chris to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Balance of the fund equal on June 30, 2023 $ 