A state agency issues $575 million in bonds to repair bridges in the state. The state establishes a sinking fund by depositing $4 million at the end of each quarter into the fund for 20 years to repay the bonds. The fund earns an annual interest rate of 5.8% compounded quarterly. How much money (in millions of dollars) is in the fund after 20 years? (Round your answer to two decimal places.)

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Q: P 1

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Characteristics of Bonds