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Crane Corporation, having recently issued a $20,048,700, 15-year bond issue, is committed to make annual...

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Accounting

Crane Corporation, having recently issued a $20,048,700, 15-year bond issue, is committed to make annual sinking fund deposits of $617,700. The deposits are made on the last day of each year and yield a return of 10%. Click here to view factor tables Determine the amount of deficiency. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Deficiency $

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