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Marin Corporation, having recently issued a $20,103,400, 15-year bond issue, is committed to make annual sinking fund deposits of $612,700. The deposits are made on
Marin Corporation, having recently issued a $20,103,400, 15-year bond issue, is committed to make annual sinking fund deposits of $612,700. The deposits are made on the last day of each year and yield a return of 10%. 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? |
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