NewmanWeatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to produce a fund on an11% basis that will enable him to withdraw $14,380per year on June 30, beginning in 2024 and continuing through 2027. To develop this fund,Newmanintends to make equal contributions on June 30 of each of the years 2020-2023.

1. How much must the balance of the fund equal on June 30, 2023, in order forNewmanto 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.)
2. What are each ofNewman's 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.)