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John Fowler borrowed $97,230 on March 1, 2015. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1, 2025, To
John Fowler borrowed $97,230 on March 1, 2015. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1, 2025, To retire this debt, John plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2020, and for the next 4 years. The fund is expected to earn 9% per annum. How much must be contributed each year by John 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 fund s
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