Leon Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 12% basis that will enable him to withdraw $25,300 per year on June 30, beginning in 2029 and continuing through 2032. To develop this fund, Leon intends to make equal contributions on June 30 of each of the years 2025–2028. What are each of Leon’s contributions to the fund? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Leon’s contributions to the fund $
Leon Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 12% basis that will enable him to withdraw $25,300 per year on June 30, beginning in 2029 and continuing through 2032. To develop this fund, Leon intends to make equal contributions on June 30 of each of the years 2025–2028. What are each of Leon’s contributions to the fund? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Leon’s contributions to the fund $
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Leon Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 12% basis that will enable him to withdraw $25,300 per year on June 30, beginning in 2029 and continuing through 2032. To develop this fund, Leon intends to make equal contributions on June 30 of each of the years 2025–2028.
What are each of Leon’s contributions to the fund? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
| Leon’s contributions to the fund | $ |
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