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Culver Corporation, having recently issued a $20,094,900,15-year bond issue, is committed to make annual sinking fund deposits of $617,600. The deposits are made on the
Culver Corporation, having recently issued a $20,094,900,15-year bond issue, is committed to make annual sinking fund deposits of $617,600. The deposits are made on the last day of each year and yield a return of10%.
Determine the amount of deficiency.(Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
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