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How much must be contributed each year by ricky fowler

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Ricky Fowler borrowed $70,000 on March 1, 2015. This amount plus accrued interest at 6% compounded semiannually is to be repaid March 1, 2025. To retire this debt, Ricky 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 5% per annum.

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Problem 1: How much must be contributed each year by Ricky Fowler to provide a fund sufficient to retire the debt on March 1, 2025?

Reference no: EM132727277

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