Bob Avuncle borrowed $60,000 on July 1, 2020. This amount plus accrued interest at 8% compounded semiannually is to be repaid in total on July 1, 2030. To retire this debt, Avuncle plans to contribute to a debt retirement fund five equal amounts starting on July 1, 2025 and continuing for the next four years. The fund is expected to earn 6% per annum. Required: Compute how much must be contributed each year by Bob Avuncle to provide a fund sufficient to retire the debt on July 1, 2030?