A university alum wants to save ($ 25,000) over 15 years so that he could start a

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A university alum wants to save \(\$ 25,000\) over 15 years so that he could start a scholarship for students in industrial engineering. To have this amount when it is needed, annual payments will be made into a savings account that earns \(8 \%\) interest per year. What is the amount of each annual payment?

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