Current Attempt in Progress

Oriole Company issued $$1,200,000,10-$year bonds. It agreed to make annual deposits of $$96,000$ to a fund $($called a sinking fund$),$

which will be used to pay off the principal amount of the bond at the end of $10$ 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.

$($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 $10$ years? $($Round answer to $2$ decimal places, e$.$g$.25\mathrm{.}75.)$

Amount in the sinking fund