Question: A company estimates that it will need $132,000 in 18 years to replace a computer. If it establishes a sinking fund by making fixed monthly

A company estimates that it will need $132,000 in 18 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 5.4% compounded monthly, how much should each payment be?

The amount of each payment should be

$_____.

(Round to the nearest cent.)

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