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Novak 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
Novak 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 of 10%. Determine the amount of deficiency.
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