Morgan 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 $16,420 per year on June 30, beginning in 2024 and continuing through 2027. To develop this fund, Morgan intends to make equal contributions on June 30 of each of the years 20202023.

How much must the balance of the fund equal on June 30, 2023, in order for Morgan 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