(Computations for a Retirement Fund) Stephen Bosworth, a supersalesman contemplatingretirement on his fifty-fifth birthday, decides to create a fund onan 8% basis that will enable him towithdraw $25,000 per year on June 30, beginning in 2014 andcontinuing through 2017. To develop thisfund, Stephen intends to make equal contributions on June 30 ofeach of the years 20102013.Instructions(a) How much must the balance of the fund equal on June 30, 2013,in order for Stephen Bosworthto satisfy his objective?(b) What are each of Stephens contributions to the fund?
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