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Hanks Inc. establishes a debt retirement fund to retire debt of $72,820. Hanks makes three equal annual contributions of $20,000, starting on January 1, 2020.

Hanks Inc. establishes a debt retirement fund to retire debt of $72,820. Hanks makes three equal annual contributions of $20,000, starting on January 1, 2020. The fund earns interest at 10%, compounded annually. The $72,820 debt must be paid on December 31, 2022. What is the balance of the fund at the end of 2022?

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