Ricky, an executive VP contemplating retirement on his sixty fifth birthday, decides to create a fund on a 6% basis that will enable him to withdraw $90,000 per year on July 31, beginning in 2025 and...

Ricky, an executive VP contemplating retirement on his sixty fifth birthday, decides to create a fund on a 6% basis that will enable him to withdraw $90,000 per year on July 31, beginning in 2025 and continuing through 2029. To develop this fund, Rich intends to make equal contributions on July 31 of each of the years 2020–2024.
1. Compute how much the balance of the fund must equal on July 31, 2024, in order for Rich to satisfy his objective.
2. Compute the amount of Rich’s contributions to the fund