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Steve Fowler borrowed $91,850 on March 1, 2018. This amount plus accrued interest at 12% compounded...

Steve Fowler borrowed $91,850 on March 1, 2018. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2028. To retire this debt, Steve plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2023, and for the next 4 years. The fund is expected to earn 11% per annum.

Click here to view factor tables

How much must be contributed each year by Steve Fowler to provide a fund sufficient to retire the debt on March 1, 2028? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,583.)

Annual contribution to debt retirement fund $

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solutions Borraded amount = $91850 The amount to be repaid = Borrowed amount » ( + interest date - 91850 X (1+12420 = 918 50

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