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On a loan of $10,000 interest at 9% effective must be paid at the end of each year. The borrower also deposits $X at the
On a loan of $10,000 interest at 9% effective must be paid at the end of each year. The borrower also deposits $X at the beginning of each year into a sinking fund earning 7% effective. At the end of 10 years, the sinking fund is exactly sufficient to pay off the loan. Calculate X
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