Current Attempt in Progress

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? $($Round answer to $2$ decimal places, e$.$g$.$

$25\mathrm{.}75.)$

Amount in the sinking fund