Henry 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 $15,390 per year on June 30, beginning in 2029 and continuing through 2032. To develop this fund, Henry intends to make equal contributions on June 30 of each of the years 2025-2028. (a) Click here to view factor tables. How much must the balance of the fund equal on June 30, 2028, in order for Henry 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 $
Henry 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 $15,390 per year on June 30, beginning in 2029 and continuing through 2032. To develop this fund, Henry intends to make equal contributions on June 30 of each of the years 2025-2028. (a) Click here to view factor tables. How much must the balance of the fund equal on June 30, 2028, in order for Henry 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 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vikrambhai
Transcribed Image Text:Henry 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 $15,390 per year on June 30, beginning in
2029 and continuing through 2032. To develop this fund, Henry intends to make equal contributions on
June 30 of each of the years 2025-2028.
(a)
Click here to view factor tables.
How much must the balance of the fund equal on June 30, 2028, in order for Henry 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 $
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