What is the balance of the fund

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Reference no: EM13823436

Fischer Company has decided to begin accumulating a fund for plant expansion. The company deposited $20,000 in a fund on January 2, 2012. Fischer will also deposit $60,000 annually at the end of each year, starting in 2012. The fund pays interest at 5% compounded annually.

What is the balance of the fund at the end of 2016 (after the 2016 deposit)?

Ekman Company issued $1,500,000, 14-year bonds and agreed to make annual sinking fund deposits of $71,300. The deposits are made at the end of each year into an account paying 6% annual interest.

(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 14 years?

Reference no: EM13823436

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