Merritt Manufacturing needs to accumulate $20 million to retire a bond issue that matures in 13 years.

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Merritt Manufacturing needs to accumulate $20 million to retire a bond issue that matures in 13 years. The firm’s manufacturing division can contribute $100,000 per quarter to an account that will pay 8%, compounded quarterly. How much will the remaining divisions have to contribute every month to a second account that pays 6% compounded monthly in order to reach the $20 million goal?

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