Henry, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on a 12% basis that will enable him to withdraw $63,000 per year on June 30, beginning in 2021 and continuing through 2024. To develop this fund, Henry intends to make equal contributions on June 30 of each of the years 2017-2020. Click here to view factor tables (a) Your answer is correct. How much must the balance of the fund equal on June 30, 2020, in order for Henry to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places, e.g. 4,585.81.) Balance of the fund equal on June 30, 2020 $ LA Henry's contributions to the fund $ 191353 What are each of Henry's contributions to the fund? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places, e.g. 4,585.81.)

Henry, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on a 12% basis that will enable him to withdraw $63,000 per year on June 30, beginning in 2021 and continuing through 2024. To develop this fund, Henry intends to make equal contributions on June 30 of each of the years 2017-2020. Click here to view factor tables (a) Your answer is correct. How much must the balance of the fund equal on June 30, 2020, in order for Henry to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places, e.g. 4,585.81.) Balance of the fund equal on June 30, 2020 $ LA Henry's contributions to the fund $ 191353 What are each of Henry's contributions to the fund? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places, e.g. 4,585.81.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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