Alan Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 11% basis that will enable him to withdraw $23,230 per year on June 30, beginning in 2029 and continuing through 2032. To develop this fund, Alan intends to make equal contributions on June 30 of each of the years 2025-2028. (a) * Your answer is incorrect. Click here to view factor tables. How much must the balance of the fund equal on June 30, 2028, in order for Alan to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,581.) Balance of the fund equal on June 30, 2028 $ 60031
Alan Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 11% basis that will enable him to withdraw $23,230 per year on June 30, beginning in 2029 and continuing through 2032. To develop this fund, Alan intends to make equal contributions on June 30 of each of the years 2025-2028. (a) * Your answer is incorrect. Click here to view factor tables. How much must the balance of the fund equal on June 30, 2028, in order for Alan to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,581.) Balance of the fund equal on June 30, 2028 $ 60031
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: accounting
Transcribed Image Text:Alan Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 11% basis
that will enable him to withdraw $23,230 per year on June 30, beginning in 2029 and continuing through 2032. To develop this fund,
Alan intends to make equal contributions on June 30 of each of the years 2025-2028.
(a)
* Your answer is incorrect.
Click here to view factor tables.
How much must the balance of the fund equal on June 30, 2028, in order for Alan 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
$
60031
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