Sheridan Company issued $1,020,000, 9-year bonds. It agreed to make annual deposits of $81,000 to a fund (called a sinking fund), which will be used to pay off the principal amount of the bond at the end of 9 years. The deposits are made at the end of each year into an account paying 4% annual interest.

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(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 9 years? (Round answer to 2 decimal places, e.g. 25.75.)

Amount in the sinking fund		$enter a dollar amount rounded to 2 decimal places