Bonds and agreed to make annual sinking fund deposits

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Reference no: EM13823442

Ekman Company issued $1,500,000, 14-year bonds and agreed to make annual sinking fund deposits of $71,300. The deposits are made at the end of each year into an account paying 6% 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 the end of 14 years? (Round answer to 2 decimal places, e.g. 25.25.)

Reference no: EM13823442

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