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Leon borrowed $130,000 on March 1, 2023. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2033. To retire
Leon borrowed $130,000 on March 1, 2023. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2033. To retire this debt, Leon 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 carn 10% per annum Click here to view factor tables How much must Leon contribute each year to provide a fund sutficient to retire the debt on March 1,2033? (Round foctor wolues to 5 decimal places, 5.1 .25124 and final answer to 2 decimal ploces, es.4.585.83. Annual contribution to debt retirement fund $
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