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On January 1, 2020, Azerbaijan Corp. adopted a plan to accumulate funds for environmental clean up beginning July 1, 2026, at an estimated cost of
On January 1, 2020, Azerbaijan Corp. adopted a plan to accumulate funds for environmental clean up beginning July 1, 2026, at an estimated cost of $55,000,000. Azerbaijan plans to make six equal annual deposits in a fund that will earn interest at 8% compounded annually. The first deposit was made on July 1, 2020. What is the amount of the annual deposit?
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