Time value of money
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Gordon Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $80,000. The deposits are made at the end of each year into an account paying 5% annual interest. What amount will be in the sinking fund at the end of 10 years?
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Solution Summary
The future value (amount in the sinking fund at the end of 10 years) of annual sinking fund deposits is calculated.
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No of years= 10
No of Periods= 10
Discount rate annually= 5.00% annual
Discount rate per ...
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