Ricky Fowler borrowed $70,000 on March 1, 2023. This amount plus accrued interest at 6% compounded semiannually is to be repaid March 1, 2033. To retire this debt, Ricky plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2028, and for the next 4 years. The fund is expected to earn 5% per annum.

Instructions

How much must be contributed each year by Ricky Fowler to provide a fund sufficient to retire the debt on March 1, 2033?