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Ekman company issued 1400000 13-year bonds and agreed to

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1. Ekman Company issued $1,400,000, 13-year bonds and agreed to make annual sinking fund deposits of $70,700. The deposits are made at the end of each year into an account paying 6% annual interest.

What amount will be in the sinking fund at the end of 13 years?

2. Terry and Jessica Benedict invested $6,100 in a savings account paying 5% annual interest when their daughter, Kristi, was born. They also deposited $1,000 on each of her birthdays until she was 17 (including her 17th birthday).

How much was in the savings account on her 17th birthday (after the last deposit)?

Reference no: EM13568147

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