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Show Attempt History Current.Attempt in Progress Newman Weatherspoon, a super salesman contemplating retirement on...

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Accounting

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Newman Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 10% basis that will enable him to withdraw $21,040 per year on June 30, beginning in 2029 and continuing through 2032. To develop this fund, Newman intends to make equal contributions on June 30 of each of the years 2025-2028.
(a)
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How much must the balance of the fund equal on June 30,2028, in order for Newman to satisfy his objective? (Round factor values to 5 decimal places, e.g.1.25124 and final answer to 0 decimal places, e.g.458,581.)
Balance of the fund equal on June 30,2028$
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