A $$4,000,000$ apartment complex loan is to be paid off in $10$ years by making $10$ equal annual payments. How much is each payment if the interest rate is $7\mathrm{.}5\%$ compounded annually?

$($a$)$ State the type.

present value

amortization:

ordinary annuity

present value of an annuity

sinking fund

$($b$)$ Answer the question. $($Round your answer to the nearest cent.$)$

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