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Bonita Industries issued $$700,000,8-$year bonds. It agreed to make annual deposits of $$72,500$ to a fund $($called a sinking fund$),$ which will be used to pay off the principal amount of the bond at the end of $8$ years. The deposits are made at the end of each year into an account paying $8\%$ annual interest.

Click here to view the factor table $1.$

Table $2$

Table $3$

Table $4$

What amount will be in the sinking fund at the end of $8$ years? $($For calculation purposes, use $5$ decimal places as displayed in the factor table provided, e$.$g$.5\mathrm{.}24571.$ Round answer to $2$ decimal places, e$.$g$.25\mathrm{.}25.)$

Amount in the sinking fund $ $$

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