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What must be deposited semi-annually into the fund

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Reference no: EM132761306

Problem 1: A city has $2.5 million worth of school bonds that are due in 20 years and has established a sinking fund to retire his debt. If the funds earn interest at the rate of 7% compounded semi-annually, what must be deposited semi-annually into this fund?

Reference no: EM132761306

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