John, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on a 12% basis that will enable him to withdraw $60,000 per year on June 30, beginning in 2029 and continuing through 2033. To develop this fund, John intends to make equal contributions on June 30 of each of the years 2025 - 2028.

How much must the balance of the fund equal on June 30, 2029, in order for John to satisfy his objective?

Balance of the fund equal on June 30,2029: $__________