Question: A business sets up a sinking fund so they will have a $71,000.00 to pay for a replacement piece of equipment in 10 years when

A business sets up a sinking fund so they will have a $71,000.00 to pay for a replacement piece of equipment in 10 years when the current equipment will be sold for scrap. If they make deposits at the end of each month for 10 years in the investment that pays 6.7% compounded monthly, what size should each payment be? The monthly payments are $. ? (Round to 2 decimal places.)

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