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Bates Company issued $1,600,000, 15-year bonds. It agreed to make annual deposits of $78,500 to...

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Bates Company issued $1,600,000, 15-year bonds. It agreed to make annual deposits of $78,500 to a fund (called a sinking fund). which will be used to pay off the principal amount of the bond at the end of 15 years. The deposits are made at the end of each year into an account paying 5% 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 15 years? (Round answer to 2 decimal places, eg. 25.25.) Amount in the sinking fund $

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