Question
I could really use your help this is for a final grade!! Thank you! John Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday,
I could really use your help this is for a final grade!! Thank you!
John 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 2024 and continuing through 2027. To develop this fund, John intends to make equal contributions on June 30 of each of the years 20202023.
Click here to view factor tables How much must the balance of the fund equal on June 30, 2023, in order for John to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
Balance of the fund equal on June 30, 2023 | $ |
Click here to view factor tables What are each of Johns 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.)
Johns contributions to the fund | $ |
Newman Fowler borrowed $97,670 on March 1, 2018. This amount plus accrued interest at 6% compounded semiannually is to be repaid March 1, 2028. To retire this debt, Newman plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2023, and for the next 4 years. The fund is expected to earn 5% per annum. Click here to view factor tables How much must be contributed each year by Newman Fowler to provide a fund sufficient to retire the debt on March 1, 2028? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,583.)
Annual contribution to debt retirement fund | $ |
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