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Business, 18.10.2019 23:00 cmg27

Chris fowler borrowed $93,290 on march 1, 2018. this amount plus accrued interest at 8% compounded semiannually is to be repaid march 1, 2028. to retire this debt, chris plans to contribute to a debt retirement fund five equal amounts starting on march 1, 2023, and for the next 4 years. the fund is expected to earn 7% per annum. how much must be contributed each year by chris fowler to provide a fund sufficient to retire the debt on march 1, 2025?

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