Crane Company issued $1,140,000, 13-year bonds. It agreed to make annual deposits of $91,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 13 years. The deposits are made at the end of each year into an account paying 7% 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 13 years? (Round answer to 2 decimal places, e.g. 25.75.) Amount in the sinking fund $ Jason and Sarah 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 $ Oriole Company is considering an investment that will return a lump sum of $879,000 3 years from now. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What amount should Oriole Company pay for this investment to earn an 9% return? (Round answer to 2 decimal places, e.g. 25.25.) Lincoln Company should pay $
Crane Company issued $1,140,000, 13-year bonds. It agreed to make annual deposits of $91,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 13 years. The deposits are made at the end of each year into an account paying 7% 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 13 years? (Round answer to 2 decimal places, e.g. 25.75.) Amount in the sinking fund $ Jason and Sarah 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 $ Oriole Company is considering an investment that will return a lump sum of $879,000 3 years from now. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What amount should Oriole Company pay for this investment to earn an 9% return? (Round answer to 2 decimal places, e.g. 25.25.) Lincoln Company should pay $
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 4EB: Chung Inc. issued $50,000 of 3-year bonds on January 1, 2018, with a stated rate of 4% and a market...
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Transcribed Image Text:Crane Company issued $1,140,000, 13-year bonds. It agreed to make annual deposits of $91,000 to a fund (called a sinking fund),
which will be used to pay off the principal amount of the bond at the end of 13 years. The deposits are made at the end of each year
into an account paying 7% 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 13 years? (Round answer to 2 decimal places, e.g. 25.75.)
Amount in the sinking fund $
Jason and Sarah 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 $
Oriole Company is considering an investment that will return a lump sum of $879,000 3 years from now.
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)
What amount should Oriole Company pay for this investment to earn an 9% return? (Round answer to 2 decimal places, e.g. 25.25.)
Lincoln Company should pay
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