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To replace a machine in future, a company is placing equal payments into a sinking fund at the end of each year so that after
To replace a machine in future, a company is placing equal payments into a sinking fund at the end of each year so that after years the amount in the fund is $ The fund earns interest compounded annually. After years the interest increases and the fund pays compounded annually. Because of higher interest rate, the company decreases the amount for the remaining payments. Find the amount of the new payments. Round to the nearest dollar.
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