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The Greenville Company issued bonds totaling $16 million for 30 years. The bond agreement specifies that a sinking fund must be maintained after 10 years,

The Greenville Company issued bonds totaling $16 million for 30 years. The bond agreement specifies that a sinking fund must be maintained after 10 years, which will retire the bonds at maturity. Although no one can accurately predict interest rates, Greenvilles bank has estimated that a yield of 5% on deposited funds is realistic for long-term planning.

How much should Greenville plan to deposit each year to be able to retire the bonds with the money put aside? (Draw the timeline)

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