A business sets up a sinking fund so they will have a $71,000.00 to pay for a replacement piece of equipment in 12 years when the current equipment will be sold for scrap. If they make deposits at the end of every 2 months for 12 years in the investment that pays 5.3% compounded every 2 months, what size should each payment be? The quarterly payments are $ (Round to 2 decimal places.)
Points possible: 10
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