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1 25 points Steve Milner borrowed $120,000 on July 1, 2017. This amount plus accrued interest at 3% compounded semiannually is to be repaid in

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1 25 points Steve Milner borrowed $120,000 on July 1, 2017. This amount plus accrued interest at 3% compounded semiannually is to be repaid in total on July 1, 2027. To retire this debt, Milner plans to contribute to a debt retirement fund five equal amounts starting on July 1, 2022 and continuing for the next four years. The fund is expected to earn 2% per year. Compute how much must be contributed each year by Steve Milner to provide a fund sufficient to retire the debt on July 1, 2027? 2 25 points Determine the market price of a $750,000, twenty-year, 10% (pays interest semiannually) bond issue sold to yield an effective rate of 8%

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