Andrew and Emma Garfield invested $6,600 in a savings account paying 6% annual interest when their daughter, Angela, was born. They also deposited $1,000 on each of her birthdays until she was 18 (including her 18th birthday).

Sandhill Co. issued $900,000, 9-year bonds and agreed to make annual sinking fund deposits of $76,800. The deposits are made at the end of each year into an account paying 8% annual interest.