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How much must be contributed each year by leonfowler

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Leon Fowler borrowed $92,080 on March 1, 2018. This amount plus accrued interest at 8% compounded semiannually is to be repaid March 1, 2028. To retire this debt, Leon 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 7% per annum.

How much must be contributed each year by LeonFowler 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.)

Reference no: EM132406835

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