On January 1, 2016, LaBrea Company sold $250,000 of 10% bonds, due January 1, 2026, Interest on these bonds is paid on July 1 and January 1 each year. According to the terms of the bond contract, LaBrea must establish a sinking fund for the retirement of the bond principal starting no later than January 1, 2024. Since LaBrea was in a tight cash position during the years 2016 through 2023, the first contribution into the fund will be made on January 1, 2024. Assume that, starting with the January 1, 2024 contribution, Potts desires to make a total of five equal semi-annual contributions into this fund. Compute the amount of each of these contributions assuming the annual interest rate of the fund is 16% compounded semi-annually. The fund balance should be equal to the bond principal on 1/1/26