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Future value of an ordinary annuity

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Martinez Corporation, having recently issued a $20,009,700, 15-year bond issue, is committed to make annual sinking fund deposits of $608,900. The deposits are made on the last day of each year and yield a return of 10%.

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Will the fund at the end of 15 years be sufficient to retire the bonds?

Future value of an ordinary annuity

Will funds be sufficient?

Reference no: EM131759183

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