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Aqua Company will have to repay its $10,000,000 bonds on January 1,2035 . On January 1,2023, Aqua decides to deposit $3,000,000 in a sinking fund
Aqua Company will have to repay its $10,000,000 bonds on January 1,2035 . On January 1,2023, Aqua decides to deposit $3,000,000 in a sinking fund and to make additional deposits each year after 2023 on January 1st, including the final year 2035 , in order to have enough cash to repay them. The deposits will earn 5% throughout the period. How much will Aqua need to deposit each year
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