Question: A business sets up a sinking fund so they will have a $47,000.00 to pay for a replacement piece of equipment in 10 years when

A business sets up a sinking fund so they will have a $47,000.00 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 every 2 months for 10 years in the investment that pays 7.7% compounded every 2 months, what size should each payment be? The every 2 months payments are $. (Round to 2 decimal places.)

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