Question: Alan borrowed $ 1 6 0 , 0 0 0 on March 1 , 2 0 2 3 . This amount plus accrued interest at

Alan borrowed $160,000 on March 1,2023. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1,2033. To retire this debt, Alan plans to contribute to a debt retirement fund five equal amounts starting on March 1,2028, and for the next four years. The fund is expected to earn 8% per annum.
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How much must Alan contribute each year to provide a fund sufficient to retire the debt on March 1,2033?(Round factor values to 5 decimal places, e.g.1.25124 and final answer to 2 decimal places, e.g.4,585.83.)
Annual contribution to debt retirement fund
$
Alan borrowed $160,000 on March 1,2023. This amount plus accrued interest

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