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Tyler Corporation, having recently issued a $20,066,900, 15-year bond issue, is committed to make annual sinking fund deposits of $623,400. The deposits are made on
Tyler Corporation, having recently issued a $20,066,900, 15-year bond issue, is committed to make annual sinking fund deposits of $623,400. 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 | $ | |
Will funds be sufficient? |
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