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A sinking fund is set up to accumulate $70,000. The fund pays j1 = 15%. Annual deposits of $5,000 are made to the fund. (a)

A sinking fund is set up to accumulate $70,000. The fund pays j1 = 15%. Annual deposits of $5,000 are made to the fund. (a) How much interest does the fund earn during the year between the 5th and 6th deposits? (b) How many $5,000 deposits are required? (c) What is the size of the final smaller deposit?

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