A city has $2.5 million worth of school bonds that are due in 20 years and has established a sinking fund to retire this debt. If the fund earns interest at the rate of 7% per year compounded...

A city has $2.5 million worth of school bonds that are due in 20 years and has

established a sinking fund to retire this debt. If the fund earns interest at the rate of 7%

per year compounded annually, what amount must be deposited annually in this fund?