(Answered) For the following sinking fund use table 12-1 to calculate

Finance

For the following sinking fund, use Table 12-1 to calculate the amount of the periodic payments needed to amount to the financial objective (future value of the annuity). Round your answer to the nearest cent.

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Sinking Fund

Payment ???

Payment

Frequency-Every Month

Time

Period (years) 2 1/2

Nominal

Rate (%) 18 %

Interest

Compounded=monthly

Future Value

(Objective) $3,000

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