Wildhorse Co. issued $1,100,000, 13-year bonds. It agreed to make annual deposits of $88,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 13 years. The deposits are made at the end of each year into an account paying 4% annual interest.
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)
What amount will be in the sinking fund at the end of 13 years? (Round answer to 2 decimal places, e.g. 25.75.)
Amount in the sinking fund
Amount in 13 years = Annual amount deposited*Future value annuity factor
= 88,000*FVAF(4%, 13 years)
= 88,000*16.62684
= $1,463,161.92
Wildhorse Co. issued $1,100,000, 13-year bonds. It agreed to make annual deposits of $88,000 to a...
Wildhorse Co. issued $1,100,000, 13-year bonds. It agreed to make annual deposits of $88,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 13 years. The deposits are made at the end of each year into an account paying 4% annual interest. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What amount will be in the sinking fund at...
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Bates company issued 1,200,000, 13 year bonds. It agreed to make annual deposits of 73,500 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 13 years. The deposits are made at the end of each year into an account paying 4% annual interest. What amount will be in the sinking fund at the end of 13 years ? amount in sinking funds:
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Brief Exercise G-4 Cullumber Company issued $1,300,000, 11-year bonds and agreed to make annual sinking fund deposits of $75,300. The deposits are made at the end of each year into an account paying 9% annual interest cick here to view the factor table Future Value 1 Cick here to the factor table Future Value of an Annuity of 1 (For calculation purposes, se decimal places as displayed in the factor table provided.) What amount will be in the sinking fund...
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