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Clearlake Optical has developed a new lens. The owners plan to issue a $ 9 , 0 0 0 , 0 0 0 3 0
Clearlake Optical has developed a new lens. The owners plan to issue a $year bond with a contract rate of paid annually to raise capital to market this new lens. This means that Clearlake will be required to pay interest each year for years. To pay off the debt, Clearlake will also set up a sinking fund paying interest compounded annually. What size annual payment is necessary for interest and sinking fund combined? Round your answer to the nearest cent.
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