Drake bought a hot tub from a friend. He agreed to pay a lump sum of $4000 after 5 years. Until then, he pays 6% interest, compounded semiannually.
(a) Find the amount of each semiannual interest payment.

(b) Drake sets up a sinking fund so that enough money will be present to pay off the $4000. He wants to make annual payments into the fund. The account pays 8% compounded annually. Find the amount of each payment into the fund.
(c) Prepare a table showing the amount in the sinking fund after each deposit.