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Question - Newman Fowler borrowed $97,320 on March 1, 2015. This amount plus accrued interest at 6% compounded semiannually is to be repaid March 1, 2025. To retire this debt, Newman plans to contribute to a debt retirement fund five equal amounts starting on March 1, 2020, and for the next 4 years. The fund is expected to earn 5% per annum.

How much must be contributed each year by Newman Fowler to provide a fund sufficient to retire the debt on March 1, 2025?

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