Matthew Fowler borrowed $91,690 on March 1, 2023. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2033. To retire this debt, Matthew plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2028, 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 Matthew Fowler to provide a fund sufficient to retire the debt on March 1, 2033? (Round factor values to 5 decimal places, eg 1.25124 and final answer to O decimal places. e. 458,583)
Matthew Fowler borrowed $91,690 on March 1, 2023. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2033. To retire this debt, Matthew plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2028, 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 Matthew Fowler to provide a fund sufficient to retire the debt on March 1, 2033? (Round factor values to 5 decimal places, eg 1.25124 and final answer to O decimal places. e. 458,583)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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Matthew Fowler borrowed $91,690 on March 1, 2023. This amount plus accrued interest at 12% compounded semiannually is to be
repaid March 1, 2033. To retire this debt, Matthew plans to contribute to a debt retirement fund five equal amounts starting on March
1,2028, 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 Matthew Fowler to provide a fund sufficient to retire the debt on March 1, 2033? (Round
factor values to 5 decimal places, eg 1.25124 and final answer to O decimal places, eg. 458,583.)
Annual contribution to debt retirement fund $
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