Current Attempt in Progress

John borrowed $$280,000$ on March $1,2023.$ This amount plus accrued interest at $8\%$ compounded semiannually is to be repaid March

$1,2033.$ To retire this debt, John 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 $6\%$ per annum.

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How much must John 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$.1\mathrm{.}25124$ and final answer to $2$ decimal places, e$.$g$.4,585\mathrm{.}83.)$

Annual contribution to debt retirement fund

eTextbook and MediaJohn borrowed $$280,000$ on March $1,2023.$ This amount plus accrued interest at $8\%$

compounded semiannually is to be repaid March $1,2033.$ To retire this debt, John 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 $6\%$ per annum.

Click here to view factor tables

How much must John contribute each year to provide a fund sufficient to retire the debt on March

$1,2033?($Round factor valuesto $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $2$ decimal places, e$.$g$.$

$4,585\mathrm{.}83.)$

Annual contribution to debt retirement fund $