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How much must be contributed each year

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Question - Steve Fowler borrowed $97,230 on March 1, 2018. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1, 2028. To retire this debt, Steve plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2023, and for the next 4 years. The fund is expected to earn 9% per annum.

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

Reference no: EM132504587

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