Henry Fowler borrowed $97,670 on March 1, 2018. This amount plus accrued interest at 6%...
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Henry Fowler borrowed $97,670 on March 1, 2018. This amount plus accrued interest at 6% compounded semiannually is to be repaid March 1, 2028. To retire this debt, Henry 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 5% per annum.
How much must be contributed each year by Henry Fowler 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.)
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