Rual Fernandez borrowed $90,000 on March 1, 2013. This amount plus accrued interest at 12% compounded semiannually
Question:
Rual Fernandez borrowed $90,000 on March 1, 2013. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2023. To retire this debt, Rual plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2018, and for the next 4 years. The fund is expected to earn 10% per annum.
Instructions How much must be contributed each year by Rual Fernandez to provide a fund sufficient to retire the debt on March 1, 2023?
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Related Book For 
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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