Question: Show Attempt History Current Attempt in Progress X Your answer is incorrect. Morgan Fowler borrowed $91,690 on March 1, 2018. This amount plus accrued interest

Show Attempt History Current Attempt in Progress X Your answer is

Show Attempt History Current Attempt in Progress X Your answer is incorrect. Morgan Fowler borrowed $91,690 on March 1, 2018. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2028. To retire this debt, Morgan 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 11% per annum. Click here to view factor tables How much must be contributed each year by Morgan 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 O decimal places, e.g. 458,583.) Annual contribution to debt retirement fund $ 47218

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