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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 12 years the amount in the fund is $155,000. The fund earns 7.5% interest compounded annually. After 5 years the interest increases and the fund pays 8% 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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