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Bob decides to create a fund to earn 8% compounded annually that will enable him...

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Accounting

Bob decides to create a fund to earn 8% compounded annually that will enable him to withdraw $9,100 per year each June 30, beginning in Year 4 and continuing through Year 7. Bob wishes to make equal contributions on June 30 of each year from Year 0 through Year 3. How much should be the balance of the fund on June 30, Year 3, for Bob to meet his objective?

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