How much must the balance of the fund equal on june

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Reference no: EM132768707

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 $14,380 per year on June 30, beginning in 2024 and continuing through 2027. To develop this fund, Alan intends to make equal contributions on June 30 of each of the years 2020-2023.

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

Reference no: EM132768707

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