Question: Crane Corporation, having recently issued a $ 2 0 . 5 million, 1 0 - year bond issue, is required to make annual year -

Crane Corporation, having recently issued a $20.5 million, 10-year bond issue, is required to make annual year-end sinking fund deposits of $1,476,000. The deposits are made on the last day of each year and yield a return of 4%.
1. Compute the fund balance at the end of the 10 years.
Fund balance
2. Compute the additional annual deposit amount that should have been made at the end of each of the 10 years to accumulate the $20.5 million.
Additional annual deposit

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