Exercise 6-8 (Part Level Submission) Page 1 of 3

ACC303013DC002-1158-001: Intrmdiate Acc I / Homework - Chapter 6 Part II

*Exercise 6-8 (Part Level Submission)

Clarence Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to
create a fund on an 9% basis that will enable him to withdraw $25,900 per year on June 30, beginning in
2018 and continuing through 2021. To develop this fund, Clarence intends to make equal contributions on
June 30 of each of the years 20142017.

*(a)

Your answer is correct.

(Use the table below.)

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Exercise 6-8 (Part Level Submission) Page 2 of 3

How much must the balance of the fund equal on June 30, 2017, in order for Clarence Weatherspoon 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, 2017 $ 83908

Attempts: 3 of 3 used

*(b)

Your answer is incorrect. Try again.

(Use the table below.)

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Exercise 6-8 (Part Level Submission) Page 3 of 3

What are each of Clarences contributions to the fund? (Round factor values to 5 decimal places, e.g.
1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Clarences contributions to the fund 30206

$

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12/16/2015