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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 $9,000,00030-year bond with a contract rate of 6.5% paid annually to raise capital to market this new lens. This means that Clearlake will be required to pay 6.5% interest each year for 30 years. To pay off the debt, Clearlake will also set up a sinking fund paying 7% 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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