Exercise 145 (Part Level Submission) John Rich, an executive VP contemplating retirement on his sixty fifth birthday, decides to create a fund on a 6% basis that will enable him to withdraw $90,000 per year on July 31, beginning in 2022 and continuing through 2026. To develop this fund, Rich intends to make equal contributions on July 31 of each of the years 2017-2021. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places,e.g. 458,581.5.) (Use the below tables.) FUTURE VALUE OF AN ORDINARY ANNUITY OF 1 3% 1.00000 2.03000 5% 2.04000 3.12160 00000 020 309o90 4.24646 1.00000 2 2.02000 3.06040 4.12161 5.20404 3.07563 4.15252 5.25633 2.05000 3.15250 4.31013 5.52563 3.18360 4.37462 5.63709 4.18363 5.30914 5.41632 6.80191 8.14201 9.54911 11.02656 6.30812 7.43428 8.58297 6.46841 7.66246 6.38774 6.97532 8.39384 9.89747 11.49132 13.18079 8.73612 9.95452 11.20338 7.54743 8.89234 0.58280 12.57788 7.89829 9.21423 10.15911 11.46338 10.94972 12.00611 12.16872 13.41209 14.68033 15.97394 17.29342 12.48347 13.79555 15.14044 16.51895 17.93193 12.80780 14.19203 15.61779 17.08632 18.59891 13.48635 15.02581 16.62684 18.29191 20.02359 14.20679 15.91713 17.71298 19.59863 21.57856 14.97164 16.86994 18.88214 21.01507 23.27597 23.65749 25.84037 28.13238 18.63929 20.01207 21.41231 19.38022 20.86473 22.38635 20.15688 21.76159 23.41444 21.82453 23.69751 25.64541 25.67253 28.21288 30.90565 21.41231 22.84056 24.29737 23.41444 25.11687 26.87037 25.64541 27.67123 29.77808 28.13238 30.53900 33.06595 23.94601 33.75999 36.78559 20 25.78332 27.18327 28.86286 30.58443 32.34904 34.15776 28.67649 30.53678 32.45288 34.42647 35.71925 38.50521 34.24797 36.61789 39.08260 41.64591 39.99273 43.39229 46.99583 50.81558 54.86451 23 28.84496 30.42186 32.03030 44.50200 47.72710 36.01171 37.91200 39.85980 44.31174 47.08421 49.96758 52.96629 56.08494 26 33.67091 35.34432 37.05121 38.79223 40.56808 40.70963 42.93092 45.21885 47.57542 51.11345 54.66913 58.40258 59.15638 63.70577 68.52811 73.63980 79.05819 29 43.9027O 66.43885 42.37944 44.22703 46.11157 48.03380 49.99448 46.00027 48.15028 59.32834 62.70147 70.76079 52.50276 55.07784 57.73018 84.80168 90.88978 97.34316 104.18376 111.43478 80.06377 85.06696 34 35 52.61289 54.92821 69.85791 73.65222 51.99437 54.03425 56.11494 58.23724 60.40198 PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 57.30141 59.73395 62.22730 64.78298 119.12087 127.26812 135.90421 145.05846 154.76197 63.27594 66.17422 69.15945 77.59831 81.70225 85.9703 90.40915 95.02552 01.62814 107.70955 75.40126 120.79977 29% 3% 97561 97087 96154 3376 789 5 12222 155 3 157 7921 93375 1 53812 947 753 1234 07417 55677 38383 88990 814 23334 01122 44455 7 553 4826 44455 9369 56667 1234 56678 89901 12233 7101 1 115 2 83 .7 .1 9875 4207 1 0696 1195 085 3947 16918 51198 7 197 52963 7395 66778 8990 1112 8 2 431 5 2 0 2 15.67846 16.35143 14.97889 15.58916 14.32380 14.87747 13.13394 13.59033 11.15812 11.46992 20 21 23 25 12.46221 7.01121 16.18455 16.76541 17.33211 17.88499 18.42438 15.41502 15.93692 16.44361 16.93554 17.41315 14.02916 14.45112 2.82115 13.16300 13.48857 11.76408 12.04158 18.29220 18.91393 19.52346 15.24696 14.09394 12.78336 20.12104 20.70690 21.28127 21.84438 22.39646 18.95061 19.46401 17.87684 18.32703 18.76411 9.18845 14.37519 14.64303 14.89813 15.14107 15.37245 15.98277 16.32959 13.00317 13.21053 13.40616 13.59072 13.76483 29 20.45355 20.93029 16.98371 22.93770 23.46833 23.98856 24.49859 24.99862 21.39541 21.84918 22.29188 22.72379 23.14516 17.58849 17.87355 18.14765 18.41120 18.66461 15.59281 20.38877 20.76579 21.13184 21.48722 16.00255 16.19290 16.37419 14.23023 14.36814 14.49825 34 35 25.48884 25.96945 23.55625 23.95732 21.83225 22.16724 22.49246 22.80822 23.11477 18.90828 19.14258 19.36786 16.71129 16.86789 17.01704 17.15909 14.73678 39 26.90259 27.35548 24.73034 25.10278 14.94907 19.79277 Compute how much the balance of the fund must equal on July 31, 2021, in order for Rich to satisfy his objective Required fund balance on July 31, 2021
