Jesper parnevik borrowed 90510 on march 1 2012 this amount

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Reference no: EM13590473

Jesper Parnevik borrowed $90,510 on March 1, 2012. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2022. To retire this debt, Alex plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2017, and for the next 4 years. The fund is expected to earn 10% per annum.How much must be contributed each year by Jesper Parnevik to provide a fund sufficient to retire the debt on March 1, 2022?

Reference no: EM13590473

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