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12.Your company will be buying new equipment starting 6 years from today.The equipment will cost $2,500,000 payable in five equal annual installments.Already the company has

12.Your company will be buying new equipment starting 6 years from today.The equipment will cost $2,500,000 payable in five equal annual installments.Already the company has set aside $500,000.How much additional does the company need to set aside each year over the next 5 years assuming it can earn 7% interest?(Treat this as an ordinary annuity.)

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