Question 7 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 $ 20,680 per year on June 30, beginning in 2021 and continuing through 2024. To develop this fund, Newman intends to make equal contributions on June 30 of each of the years 2017-2020 X Your answer is incorrect. Click here to view factor tables How much must the balance of the fund equal on June 30,2020, in order for Newman to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, eg. 458,581.) Balance of the fund equal on June 30, 2020 97,397 Your answer is incorrect. Click here to view factor tables What are each of Newman's contributions to the fund? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, eg. 458,581.) Newman's contributions to the fund 20,680