Blossom Company issued $900,000, 8-year bonds. It agreed to make annual deposits of $72,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 8 years. The deposits are made at the end of each year into an account paying 4% annual interest. Click here to view the factor table. (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 8 years?

Brief Exercise G-05

Chris and Lisa Garfield invested $7,800 in a savings account paying 8% annual interest when their daughter, Angela, was born. They also deposited $1,100 on each of her birthdays until she was 17 (including her 17th birthday). Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much was in the savings account on her 17th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.)

Amount on 17th birthday		$enter a dollar amount rounded to 2 decimal places