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Bates Company issued $1,900,000, 15-year bonds and agreed to make annual sinking fund deposits of $71,000. The deposits are made at the end of each

Bates Company issued $1,900,000, 15-year bonds and agreed to make annual sinking fund deposits of $71,000. The deposits are made at the end of each year into an account paying 8% annual interest.

What amount will be in the sinking fund at the end of 15 years?

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