What annual payment should korizan make, Accounting Basics

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What annual payment should korizan make

On January 1, 2007 Korizan Company adopted a plan to accumulate funds to retire $8,000,000 of bonds payable which are due on December 31, 2016. Korizan plans to make ten annual deposits that will earn 10%. The first payment will be made on December 31, 2007 What annual payment should Korizan make?

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