Jesper Parnevik borrowed $96,370 on March 1, 2012. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1, 2022. To retire this debt, Jesper Parnevik plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2017, and for the next 4 years. The fund is expected to earn 8% per annum. (Use the tables below.)
How much must be contributed each year by Jesper Parnevik to provide a fund sufficient to retire the debt on March 1, 2022?