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Bates Company issued $600,000, 8-year bonds. It agreed to make annual deposits of $70,500 to a...

Bates Company issued $600,000, 8-year bonds. It agreed to make annual deposits of $70,500 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 8 years. The deposits are made at the end of each year into an account paying 5% 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 8 years? (Round answer to 2 decimal places, e.g. 25.25.)

Amount in the sinking fund $

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Answer #1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.

A B C D E F Answer 2 The correct answer is amount in the sinking fund is $ 673212.26 4 Calculation 5 Future value = annual de

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