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Will the fund at the end of years be sufficient to retire

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Oriole Corporation, having recently issued a $20,025,900, 15-year bond issue, is committed to make annual sinking fund deposits of $624,000. The deposits are made on the last day of each year and yield a return of 10%.

Question 1: Will the fund at the end of 15 years be sufficient to retire the bonds?

Question 2: Future value of an ordinary annuity$______

Question 3: Will funds be sufficient?

Reference no: EM132576672

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