Alan borrowed $290,000 on March 1, 2015. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1, 2025. To retire this debt, Alan plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2020, and for the next 4 years. The fund is expected to earn 8% 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, 2025
