Exercise 6-16

Leon Fowler borrowed $94,020on March 1, 2015. This amount plus accrued interest at10% compounded semiannually is to be repaid March 1, 2025. To retire this debt, Leon plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2020, and for the next4years. The fund is expected to earn9% per annum.

How much must be contributed each year by Leon Fowler to provide a fund sufficient to retire the debt on March 1, 2025?(Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,583.)

Annual contribution to debt retirement fundjQuery22409239715386593654_1603245130972?