Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sunland company issued $1,040,000, 8-year bonds. i

Sunland Company issued $1,040,000, 8-year bonds. It agreed to make annual deposits of $83,000 to...

90.2K

Verified Solution

Question

Accounting

Sunland Company issued $1,040,000, 8-year bonds. It agreed to make annual deposits of $83,000 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 6% 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 $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students