Question 12 of 26

Question 12 of 26 View Policies Current Attempt in Progress - / 2.5 Paul Rich, an executive VP contemplating retirement on his sixty fifth birthday, decides to create a fund on a 6% basis that will enable him to withdraw $92,000 per year on July 31, beginning in 2025 and continuing through 2029. To develop this fund, Rich int ds to make equal contributions on July 31 of each of the years 2020-2024. (RoundfactorvafEt05decimaIpIaces,eg, 1.25124 nal answer to 2 decimal places, e.g. 458,581.25.) Click here to view factor tables (a) Compute how much the balance of the fund must equal on July 31, 2024 in order for Rich to satisfy his objective. (Round answer to 2 decimal places e.g 5,275.75.) Required fund balance on July 31, 2024 Save for Later Subrnit Answer