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Leon Fernandez borrowed $95,400 on March 1, 2020. This amount plus accrued interest at 14% compounded semiannually is to be repaid March 1, 2030.
Leon Fernandez borrowed $95,400 on March 1, 2020. This amount plus accrued interest at 14% compounded semiannually is to be repaid March 1, 2030. To retire this debt, Leon plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2025, and for the next 4 years. The fund is expected to earn 12% per annum. Click here to view factor tables How much must be contributed each year by Leon Fernandez to provide a fund sufficient to retire the debt on March 1, 2030? (Round factor values to 5 decimal places, eg. 1.25124 and final answer to O decimal places, e.g. 458,583.) Annual contribution to debt retirement fund $
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