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Pancake Company has budgeted $320,000 to build a new factory 10 years from today. TurboTank will finance the project by making

seven annual deposits of $47,000 into a savings fund at the end of each year that commences at the end of year 4

Thecompany's interest rate is 7%.

Requirement

TurboTank have sufficient funds to pay for the $ 320000 factory at the end of the 10 year period?

Will Turbo Tank have sufficient funds to pay for the $320,000 factory at the end of the 10-year period? (Use the present and future valuetables, a financialcalculator, or a spreadsheet for your calculations. If using present and future value tables or the formulamethod, use factor amounts rounded to five decimalplaces, X.XXXXX. Round your final answer to two decimalplaces, X.XX.)

Since the value of the annuity is $ ???? the company will have ???? funds to pay for the $320,000 factory