Crane Company issued $600,000, 8-year bonds. It agreed to make annual deposits of $70,000 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 1 Table 2 Table 3 Table 4 What amount will be in the sinking tund at the end of 8 years? (For calculation purposes, use 5 decimal places as displayed in the factor table provided, c.8. 5.24571. Round answer to 2 decimal places, c.3. 25.25.) Amount in the sinking fund $ 7% 6% 8% 9% 12% 15% 10% 1.00000 11% 1.00000 1.00000 1.00000 1.00000 1.00000 1.10000 1.15000 TABLE 1 Future Value of 1 (n) Periods 4% 5% 0 1.00000 1.00000 1 1.04000 1.05000 2 1.08160 1.10250 3 1.12486 1.15763 4 1.16986 1.21551 5 1.21665 1.27628 1,07000 1.00000 1.06000 1.12360 1.19102 1.11000 1.23210 1.00000 1.09000 1.18810 1.29503 1.41158 1.12000 1.25440 1.14490 1.21000 1.33100 1.32250 1.52088 1.08000 1.16640 1.25971 1.36049 1.46933 1.40493 1.22504 1.36763 1.51807 1.57352 1.74901 1.26248 1.31080 1.46410 1.61051 1.76234 1.68506 2.01136 1.40255 1.33823 1.53862 1.58687 1.87041 1.67710 1.97382 1.34010 6 7 1.40710 1.82804 1.41852 1.50363 1.59385 1.68948 1.50073 1.60578 1.71819 2.31306 2.66002 3.05902 1.26532 1.31593 1.36857 1.42331 1.48024 1.77156 1.94872 2,14359 2.35795 2.59374 1.99256 8 2.21068 2.47596 2.77308 1.71382 1.85093 1.99900 2.15892 1.47746 2.07616 2.30454 2.55803 2.83942 3.51788 9 1.55133 1.83846 2.17189 2.36736 3.10585 4,04556 10 1.62889 1.79085 1.96715 3.15176 2.58043 3.47855 11 1.71034 1.53945 1.60103 2.10485 2.25219 2.33164 2.51817 2.81267 3.49845 1.89830 2.01220 2.13293 3.89598 12 1.79586 2.85312 3.13843 3.45227 3.79750 4.65239 5.35025 6.15279 7.07571 4.36349 3,06581 13 3.88328 2.40985 1.66507 2.71962 1.88565 1.97993 4.31044 4,88711 3.34173 1.73168 2.26090 2.57853 2.93719