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Bank Associates borrowed $75,000. The company plans to set up a sinking fund that will repay the loan after 15 years. Assume an 8% interest

Bank Associates borrowed $75,000. The company plans to set up a sinking fund that will repay the loan after 15 years. Assume an 8% interest rate compounded semiannually. What must Block Associates pay into the fund each period? Verify your result.

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