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Bob Smith borrowed $100,000 on January 1, 2015. The interest rate of 10% is compounded semiannually to be repaid January 1, 2025. To repay this

Bob Smith borrowed $100,000 on January 1, 2015. The interest rate of 10% is compounded semiannually to be repaid January 1, 2025. To repay this Bob wants to start making five equal annual deposits into fund that earns 8% annum on January 1, 2020.

Required: What is the amount of the five annual deposits that Bob needs to make?

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