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Smith borrows 1,000 for 5 years at an annual effective rate of interest of 8%. At the end of each month, he pays the interest

Smith borrows 1,000 for 5 years at an annual effective rate of interest of 8%. At the end of each month, he pays the interest on the loan and deposits the level amount necessary to repay the principal to a sinking fund earning an annual effective rate of 6%. The total of all interest payments and sinking fund deposits made by Smith over the 5-year period is X. Calculate X.

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