J Lurve borrowed 5300,000 to build a tecording studio in his horne. The fotal amount of the debt along with 6% annual interest must be repaid in 25 years. He decides to invest in a dobt sinking fund that will be used to relire the debt The fund earns 8% interest and requires fim to pay an equal amount oach year (end of each year) starting in Year 5 and lasting through maturily Interest is compoundod annually. (CSick the icon to viaw the Future Value of $1 table) (Click the icon to view the Present Value of \$1 tablo) (Click the icon to view the Future Value of an Ordinary Annulty table) (Click the icon to view the Present Value of an Ordinary Avnuity table) (Click the icon to vlow the Fulure Value of an Annuily Doe table.) (Click the icon to viow the Present Value of an Annuliy Due table) Requirement What amount must J Lurve contribute each year in order to successfully retire the debt in 25 years? (Use the present value and future value tables, the formula method, a Enancial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places. 00 Round intermediary currency computations and your final anower to the nearest cent, $..) J Lurve must contribute each yoar in order to successfully retire the debt in 25 years