Steve, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on a 12% basis that will enable him to withdraw $59,000 per year on June 30, beginning in 2029 and continuing through 2033. To develop this fund, Steve intends to make equal contributions on June 30 of each of the years 2025-2028. Click here to view factor tables (a) How much must the balance of the fund equal on June 30, 2029, in order for Steve to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places, e.g. 4,585.81.) Balance of the fund equal on June 30, 2029 $

Steve, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on a 12% basis that will enable him to withdraw $59,000 per year on June 30, beginning in 2029 and continuing through 2033. To develop this fund, Steve intends to make equal contributions on June 30 of each of the years 2025-2028. Click here to view factor tables (a) How much must the balance of the fund equal on June 30, 2029, in order for Steve to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places, e.g. 4,585.81.) Balance of the fund equal on June 30, 2029 $

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 14DQ

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Morgan Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 8% basis that will enable him to withdraw $24,390 per year on June 30, beginning in 2024 and continuing through 2027. To develop this fund, Morgan intends to make equal contributions on June 30 of each of the years 2020-2023. (a) Click here to view factor tables How much must the balance of the fund equal on June 30, 2023, in order for Morgan to 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.) Balance of the fund equal on June 30, 2023 $
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Steve Weatherspoon, a super salesman contemplating retirement on his ffty-ffth birthday, decides to create a fund on an 9% basis that will enable him to withdraw $ 16,000 per year on June 30, beginning in 2024 and continuing through 2027. To develop this fund. Steve intends to make equal contributions on June 30 of each of the years 2020-2023. What are Steve's contributions to the fund ?
Steve, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on a 9% basis that will enable him to withdraw $67,000 per year on June 30, beginning in 2021 and continuing through 2024. To develop this fund, Steve 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 Steve to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124, and final answer to 2 decimal places, e.g. 4,585.81.) Balance of the fund equal on June 30, 2020 $enter the balance of the fund equal on June 30, 2020 in dollars check_circle Step 1 Steve will withdraw $67,000 per year for four years from June 2021 to 2024 Present value of an annuity of $67,000 per year discounted at 9% per year Value of fund as of June 30 2020 can be calculated using the following formula: Drawings per year x (1 –(1+r)-n/Rate) R= Rate per…
Steve, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on a 9% basis that will enable him to withdraw $67,000 per year on June 30, beginning in 2021 and continuing through 2024. To develop this fund, Steve 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 Steve to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124, and final answer to 2 decimal places, e.g. 4,585.81.) Balance of the fund equal on June 30, 2020 $enter the balance of the fund equal on June 30, 2020 in dollars
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