View Policies Current Attempt in Progress Crane Company issued $920,000, 8-year bonds. It agreed to make annual deposits of $73,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 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. 25.75.) Amount in the sinking fund $
View Policies Current Attempt in Progress Crane Company issued $920,000, 8-year bonds. It agreed to make annual deposits of $73,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 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. 25.75.) Amount in the sinking fund $
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 20P
Question
100%
![View Policies
Current Attempt in Progress
Crane Company issued $920,000, 8-year bonds. It agreed to make annual deposits of $73,000 to a fund (called a sinking fund), which
will be used to pay off the principal amount of the bond at the end of 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. 25.75.)
Amount in the sinking fund $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4e4a331-de9f-4f44-bf90-60b228d3a50a%2Fa6d588e9-a7ff-4015-b623-95e4549f01ac%2Fz31xmxf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:View Policies
Current Attempt in Progress
Crane Company issued $920,000, 8-year bonds. It agreed to make annual deposits of $73,000 to a fund (called a sinking fund), which
will be used to pay off the principal amount of the bond at the end of 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. 25.75.)
Amount in the sinking fund $
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