LeonFowler borrowed $92,080on March 1, 2018. This amount plus accrued interest at8% compounded semiannually is to be repaid March 1, 2028. To retire this debt,Leonplans to contribute to a debt retirement fund five equal amounts starting on March 1, 2023, and for the next4years. The fund is expected to earn7% per annum.

How much must be contributed each year byLeonFowler to provide a fund sufficient to retire the debt on March 1, 2028?(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