Leon Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 10% basis that will enable him to withdraw $18, 140 per year on June 30, beginning in 2021 and continuing through 2024

Accounting Jan 29, 2021

Leon Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 10% basis that will enable him to withdraw $18, 140 per year on June 30, beginning in 2021 and continuing through 2024. To develop this fund, Leon Intends to make equal contributions on June 30 of each of the years 2017-2020. How much must the balance of the fund equal on June 30, 2020, in order for Leon to satisfy his objective?