Part (b) Tom wants to retire at the end of this year (2020). His life expectancy is 20 years from his retirement. Tom has come to you, his CPA, to learn how much he should deposit on December 31, 2020 to be able to withdraw $80,000 at the end of each year for the next 20 years, assuming the amount on deposit will earn 8% interest annually. 12. Retirement of Debt - Tables Needed Steve Milner borrowed $120,000 on July 1, 2020. This amount plus accrued interest at 8% compounded semiannually is to be repaid in total on July 1, 2030. To retire this debt, Milner plans to contribute to a debt retirement fund five equal amounts starting on July 1, 2025 and continuing for the next four years. The fund is expected to earn 6% per annum. Instructions Compute how much must be contributed each year by Steve Milner to provide a fund sufficient to retire the debt on July 1, 2030