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Serena Williams Corporation, having recently issued a $20,000,000, 15-year bond issue, is committed to make annual sinking fund deposits of $600,000. The deposits are made

Serena Williams Corporation, having recently issued a $20,000,000, 15-year bond issue, is committed to make annual sinking fund deposits of $600,000. The deposits are made on the last day of each year and yield a return of 10%. (Use the table below.)

Determine the amount of deficiency.?image text in transcribed

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