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2. CFO of Carolina suggested setting a reserves account of $12,000,000 to replace some of its aging machinery in 2.5 years from today. Company plans

2. CFO of Carolina suggested setting a reserves account of $12,000,000 to replace some of its aging machinery in 2.5 years from today. Company plans to set aside 2,000,000 right away and then start contributing into reserves quarterly (at the end of each quarter) and it can earn 6% APR on the balance. How much needs to be allocated into this account each quarter?

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