Homework $6\mathrm{.}2$

Score: $\frac{5}{6},\frac{3}{4}$ answered

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A business sets up a sinking fund so they will have a $$48,000\mathrm{.}00$ to pay for a replacement piece of equipment in $11$ years when the current equipment will be sold for scrap. If they make deposits at the end of each month for $11$ years in the investment that pays $5\mathrm{.}6\%$ compounded monthly, what size should each payment be$?$

The monthly payments are $ $($Round to $2$ decimal places.$)$

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