Dugan Company issued $1,000,000, 12-year bonds and agreed to make annual sinking fund deposits of $78,000. The

Question:

Dugan Company issued $1,000,000, 12-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?