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Newman Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 11% basis that will enable him to
Newman Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 11% basis that will enable him to withdraw $23,230 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 20202023.
What are each of Newmans 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.)
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