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What are each of Newmans contributions to the fund

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Reference no: EM132504546

Question - Newman Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to produce 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, Newman intends to make equal contributions on June 30 of each of the years 2020-2023.

Required -

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

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

Reference no: EM132504546

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