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How much must be contributed each year by anthony fowler

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Question: Anthony Fowler borrowed $94,900 on March 1, 2023. This amount plus accrued interest at 6% compounded semiannually is to be repaid March 1, 2033. To retire this debt, Anthony plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2028, and for the next 4 years. The fund is expecting to earn 5% per annum. How much must be contributed each year by Anthony Fowler to provide a fund sufficient to retire the debt on March 1, 2033? Annual contribution to debt retirement fund $

 

 

Reference no: EM133555227

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