1. Pharoah Company issued $1,100,000, 12-year bonds and agreed to make annual sinking fund deposits of $79,600. The deposits are made at the end of each year into an account paying 4% 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 12 years?

2. Sandhill Co. is about to issue $312,200 of 7-year bonds paying an 11% interest rate, with interest payable semiannually. The discount rate for such securities is 8%. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much can Sandhill expect to receive for the sale of these bonds?