Drill Problem 13-8 (Algo) [LU 13-3 (1)] Using the sinking fund Table 13.3, complete the following: Note: Do not round intermediate calculations. Round your answer to the nearest cent. \begin{tabular}{|c|c|r|r|r|} \hline \begin{tabular}{c} Required \\ amount \end{tabular} & \begin{tabular}{c} Frequency of \\ payment \end{tabular} & Length of time & \begin{tabular}{c} Interest \\ rate \end{tabular} & \begin{tabular}{c} Payment amount \\ end of each \\ period \end{tabular} \\ \hline $24,700 & Quarterly & 5 years & 8 & \\ \hline \end{tabular}