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Brief Exercise A-4 Bates Company issued $800,000, 9-year bonds and agreed to make annual sinking...

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Accounting

Brief Exercise A-4 Bates Company issued $800,000, 9-year bonds and agreed to make annual sinking fund deposits of $75,500. The deposits are made at the end of each year into an account paying 4% 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 9 years? (Round answer to 2 decimal places, e.g. 25.25.)

Amount in the sinking fund $

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