Sheridan Company issued $700,000, 9-year bonds and agreed to make annual sinking fund deposits of $71,000. 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. 25.25.)
Amount in the sinking fund $