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(A)Dugan Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $77,400. The deposits are made at the end of each
(A)Dugan Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $77,400. The deposits are made at the end of each year into an account paying 4% annual interest.
(b) What is the present value of $30,400 to be received at the end of each of 11 periods, discounted at 11%? (Round answer to 2 decimal places, e.g. 25.25.)
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