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  3. alan fowler borrowed $91,690 on march 1, 2015. thi

Alan Fowler borrowed $91,690 on March 1, 2015. This amount plus accrued interest at 12%...

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Accounting

Alan Fowler borrowed $91,690 on March 1, 2015. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2025. To retire this debt, Alan 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 11% per annum.

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