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How much must be contributed each year

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Question - Leon Fowler borrowed $94,020 on March 1, 2015. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1, 2025. To retire this debt, Leon plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2020, and for the next 4 years. The fund is expected to earn 9% per annum.

Required - How much must be contributed each year by Leon Fowler to provide a fund sufficient to retire the debt on March 1, 2025?

Reference no: EM132707202

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