Alex Hardaway borrowed $91,550 on March 1, 2010.

Alex Hardaway borrowed $91,550 on March 1, 2010. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2020.

Intermediate Accounting I-Time Value of Money

Alex Hardaway borrowed $91,550 on March 1, 2010. This amount plus accrued interest at 12% 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 10% 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 answers to 0 decimal places, e.g. $458,581.)

Annual contribution to debt retirement fund$