Alex Hardaway borrowed $90,000 on March 1, 2008. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2018. To retire this debt, Alex plans to contribute to adebt retirement fund five equal amounts starting on March 1, 2013,and for the next 4 years. The fund is expected to earn 10% perannum.
How much must be contributed each year by Alex Hardaway to provide a fund sufficient to retire the debt on March 1, 2018?