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Chris borrowed $100,000 on March 1, 2023. This amount plus accrued interest at 6% compounded semiannually is to be repaid March 1.2033. To retire
Chris borrowed $100,000 on March 1, 2023. This amount plus accrued interest at 6% compounded semiannually is to be repaid March 1.2033. To retire this debt, Chris plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2028, and for the next four years. The fund is expected to earn 4% per annum. Click here to view factor tables How much must Chris contribute each year to provide a fund sufficient to retire the debt on March 1, 2033? (Round factor values to 5 decimal places, eg. 1.25124 and final answer to 2 decimal places, eg. 4,585.83.) Annual contribution to debt retirement fund $
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