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Pancake Company has budgeted$320,000 to build a new factory10 years from today.Turbo Tank will finance the project by makingseven annual deposits of$47,000 into a savings fund at the end of each year that commences at the end of year4The? company’s interest rate is 7?%.RequirementTurbo Tank have sufficient funds to pay for the$ 320000factory at the end of the10year ?period?WillTurbo Tank have sufficient funds to pay for the$320,000 factory at the end of the10?-year ?period??(Use the present and future value? tables, a financial? calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula? method, use factor amounts rounded to five decimal? places, X.XXXXX. Round your final answer to two decimal?places, X.XX.)Since the value of the annuity is $ ???? the company will have ???? funds to pay for the $320,000 factory