ABC Development, Inc. plans to raise

$300,000 over a 4-year period so they can purchase a piece of heavy equipment. In order to obtain this amount, the company has decided to make semiannual investments into a sinking fund that will earn 4%per year compounded semiannually for the next 4 years. Using the sinking fund table, calculate the amount of each semiannual sinking fund payment required to raise $300,000 in 4 years.

Sinking fund table
Period	2%	3%	4%	5%	6%	7%	8%
1	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000
2	0.4951	0.4926	0.4902	0.4878	0.4854	0.4808	0.4762
3	0.3268	0.3235	0.3203	0.3172	0.3141	0.3080	0.3021
4	0.2426	0.2390	0.2355	0.2320	0.2286	0.2219	0.2155
5	0.1922	0.1884	0.1846	0.1810	0.1774	0.1705	0.1638
6	0.1585	0.1546	0.1508	0.1470	0.1434	0.1363	0.1296
7	0.1345	0.1305	0.1266	0.1228	0.1191	0.1121	0.1054
8	0.1165	0.1125	0.1085	0.1047	0.1010	0.0940	0.0874
9	0.1025	0.0984	0.0945	0.0907	0.0870	0.0801	0.0736
10	0.0913	0.0872	0.0833	0.0795	0.0759	0.0690	0.0627
11	0.0822	0.0781	0.0741	0.0704	0.0668	0.0601	0.