Issuing municipal bonds, The city of Glendale borrows $48

Issuing municipal bonds

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Reference no: EM131996156

The city of Glendale borrows $48 million by issuing municipal bonds to help build the Arizona Cardinals football stadium. It plans to set up a sinking fund that will repay the loan at the end of 10 years. Assume a 4 percent interest rate per year. What should the city place into the fund at the end of each year to have $48 million in the account to pay back their bondholders?

Reference no: EM131996156

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