condition of an eight-year loan of 40,000 is that the borrower will pay equal annual amounts into

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condition of an eight-year loan of £40,000 is that the borrower will pay equal annual amounts into a sinking fund so that it accumulates at the end of the eight years to the amount of the loan. The sinking fund will earn interest at 5% per annum. How much should be paid into the sinking fund each year?

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