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Terminal analog or formant speech synthesizers have found many applications in speech research. These include investigation of computer voice response, speech synthesis-by-rule, and speech perception studies, among others. Many types of formant synthesizers have been designed and realized either in analog circuitry or as a computer program. In this paper we describe a digital hardware realization of a formant synthesizer which utilizes the technique of digital multiplexing of a single arithmetic unit among several digital filter sections. The advantages of this hardware over conventional analog hardware include: precise control over center frequencies and bandwidths of the resonators in the synthesizer, stability and reliability of the hardware, light weight, small size, and low power consumption. The synthesizer is capable of producing speech in real time at sampling rates up to 12.8 kHz, using 24 bits to process the digital signals internal to the synthesizer. A 12-bit digital-to-analog convertor supplies an immediate analog output for monitoring the speech and a provision is included for returning 16 bits of the output signal to the computer for future processing such as waveform display or spectrum analysis.