Question: I need help with this old midterm question: A bond issue is approved for building a marina in a city. The city is required to

I need help with this old midterm question: A bond issue is approved for building a marina in a city. The city is required to make regular payments every 3 months into a sinking fund paying 5.4% compounded quarterly. At the end of 10 years, the bond obligation will be retired with a cost of $5,000,000. A) What should each payment be? B) How much is earned during the 10th year?

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