Retirement of debt. (Tables needed.) Steve Milner borrowed $120,000 on July 1, 2017. This amount plus accrued interest at 8% compounded semiannually is to be repaid in total on July 1, 2027. To retire this debt, Milner plans to contribute to a debt retirement fund five equal amounts starting on July 1, 2022 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, 2027?