Clearlake Optical has developed a new lens. The owners plan to issue a ($ 4,000,00030)-year bond with

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Clearlake Optical has developed a new lens. The owners plan to issue a \(\$ 4,000,00030\)-year bond with a contract rate of \(5.5 \%\) paid annually to raise capital to market this new lens. This means that Clearlake will be required to pay \(5.5 \%\) interest each year for 30 years. To pay off the debt, Clearlake will also set up a sinking fund paying \(8 \%\) interest compounded annually. What size annual payment is necessary for interest and sinking fund combined?

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