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Part of the income that a machine generates is put into a sinking fund to replace the machine when it eventually wears out. If $1500

Part of the income that a machine generates is put into a sinking fund to replace the machine when it eventually wears out. If $1500 is deposited annually at an interest rate of 7% interest, how many years must the machine be kept before a new machine costing $30,000 can be purchased?

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