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Sinking funds a city has 25 million worth of school bonds

Question: SINKING FUNDS A city has $2.5 million worth of school bonds that are due in 20 yr and has established a sinking fund to retire this debt. If the fund earns interest at the rate of 7%/year compounded annually, what amount must be deposited annually in this fund?

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Mathematics: Sinking funds a city has 25 million worth of school bonds

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