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Cheyenne Corporation, having recently issued a $20,054,300, 15-year bond issue, is committed to make annual sinking fund deposits of $616,500. The deposits are made on

Cheyenne Corporation, having recently issued a $20,054,300, 15-year bond issue, is committed to make annual sinking fund deposits of $616,500. The deposits are made on the last day of each year and yield a return of 10%. Click here to view factor tables. Will the fund at the end of 15 years be sufficient to retire the bonds?

Future value of an ordinary annuity

$enter a dollar amount rounded to 0 decimal places

Will funds be sufficient? yes or no

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