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A $ 2 0 , 0 0 0 bond loan was cleared in 4 years by setting up a sinking fund that was earning 6
A $ bond loan was cleared in years by setting up a sinking fund that was
earning compounded semiannually. The deposits were made to the fund at the
end of every months.
a Calculate the size of the periodic payments deposited.
Round your answer up to the next cent
b What was the total interest earned by the fund?
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