Question: Alan borrowed $340,000 on March 1, 2023. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2033. To

Alan borrowed $340,000 on March 1, 2023. This amount plus accrued interest

Alan borrowed $340,000 on March 1, 2023. This amount plus accrued interest at 12% 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 10% per annum. Click here to view factor tables 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 $

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