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A state establishes a sinking fund of $200 million for bonds that will mature in 25 years. How much money (in dollars) must be deposited

A state establishes a sinking fund of $200 million for bonds that will mature in 25 years. How much money (in dollars) must be deposited at the end of each month into an account that earns an annual interest rate of 3% compounded monthly to retire the $200-million bond debt?

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