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Alan Fowler borrowed $93,290 on March 1, 2018. This amount plus accrued interest at 8% compounded semiannually is to be repaid March 1, 2028. To

Alan Fowler borrowed $93,290 on March 1, 2018. This amount plus accrued interest at 8% compounded semiannually is to be repaid March 1, 2028. To retire this debt, Alan 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.

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