62. To nance a current $2,000,000 redevelopment, the Jericho Club is selling 2,000 $1,000 debentures to'its members. These debentures bear interest at 8% payable yearly. To redeem all these debentures in 5 years, a sinking uid with guaranteed interest at 9% compounded annually is being set up with a bank. The fund requires regular payments to be made at the end of. every year. a. How much is the yearly payment to the sinking fund? b. Draw up a sinking fund schedule. c. What is the effective rate of interest being paid by the club to amortize this expenditure