A small company wishes to set up a fund that can be used for technology purchases over the next 6 years. Their forecast is for $24,000 to be needed at the end of year 1, decreasing by $2,000 each year thereafter.
The fund earns 11% per year. How much money must be deposited to the fund at the end of year 0 to just deplete the fund after the last withdrawal? $
Round entry to the nearest dollar. The tolerance is ±4.