Answer Happy

Oriole Company issued $1,100,000, 10-year bonds and agreed to make annual sinking fund deposits of $77,600. 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 10 years? (Round answer to 2 decimal places, e.g. 25.75.) Amount in the sinking fund $

Andrew and Emma Garfield invested $8,000 in a savings account paying 7% annual interest when their daughter, Angela, was born. They also deposited $1,300 on each of her birthdays until she was 14 (including her 14th birthday). Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much was in the savings account on her 14th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.) Amount on 14th birthday $