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Ivanhoe Company issued $1,180,000, 14-year bonds. It agreed to make annual deposits of $94,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 14 years. The deposits are made at the end of each year into an account paying 8% 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 14 years? (Round answer to 2 decimal places, e.g. 25.75.) Amount in the sinking fund $

Ivanhoe Company issued $1,180,000, 14-year bonds. It agreed to make annual deposits of $94,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 14 years. The deposits are made at the end of each year into an account paying 8% 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 14 years? (Round answer to 2 decimal places, e.g. 25.75.) Amount in the sinking fund $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ivanhoe Company issued $1,180,000, 14-year bonds. It agreed to make annual deposits of $94,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 14 years. The deposits are made at the end of each year into an account paying 8% 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 14 years? (Round answer to 2 decimal places, e.g. 25.75.) Amount in the sinking fund $
Transcribed Image Text:Ivanhoe Company issued $1,180,000, 14-year bonds. It agreed to make annual deposits of $94,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 14 years. The deposits are made at the end of each year into an account paying 8% 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 14 years? (Round answer to 2 decimal places, e.g. 25.75.) Amount in the sinking fund $
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