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Bates Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $78,000. The

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Bates Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $78,000. The deposits are made at the end of each year into an account paying 6% annual interest. What amount will be in the sinking fund at the end of 12 years?

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