Alex Hardaway borrowed $70,861 on March 1, 2010. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1, 2020. To retire this debt, Alex plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2015, and for the next 4 years. The fund is expected to earn 12% per annum.
How much must be contributed each year by Alex Hardaway to provide a fund sufficient to retire the debt on March 1, 2020? (Round computations for future value to zero decimal places and use the rounded amount to calculate the final answer. Round the final answer to zero decimal places, e.g. 20,250.
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