A corporation creates a sinking fund in order to have $870,000 to replace some machinery in 11 years. How much should be placed in this account at the end of each month if the annual interest rate is 6.1% compounded monthly? (Round your answers to the nearest cent.) $

How much interest would they earn over the life of the account?

Determine the value of the fund after 2, 4, and 6 years. 2 years $ 4 years $ 6 years $