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How much must the balance of the fund equal on June

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Question - John 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 $20,540 per year on June 30, beginning in 2024 and continuing through 2027. To develop this fund, John intends to make equal contributions on June 30 of each of the years 2020-2023.

1. How much must the balance of the fund equal on June 30, 2023, in order for John to satisfy his objective?

2. What are each of John's contributions to the fund?

Reference no: EM132591248

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