(Retirement of Debt) Jesper Parnevik borrowed $70,000 on March 1, 2002. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2012. To retire this debt, Jesper plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2007, and for the next 4 years. The fund is expected to earn 10% per annum.

Instructions How much must be contributed each year by Jesper Parnevik to provide a fund sufficient to retire the debt on March 1, 2012?