Answer:
The mandibular canal, also referred to as the Inferior Alveolar Canal (IAC), sits within the mandible. It serves the purpose of housing the <em>inferior alveolar nerve</em> which is responsible for supplying sensation to the lower teeth.
This canal also houses the <em>inferior alveolar vein</em> - a dental vein whose function is to (with the assistance of the posterior alveolar artery) drain blood from the lower teeth and jaw.
A picture of the mandibular canal is attached.
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