C Problems $($i

A local Dunkin' Donuts franchise must buy a new piece of equipment in $5$ years that will cost $$88,000.$ The company is setting up a sinking fund to finance the purchase. What will the quarterly deposit be if the fund earns $8\%$ interest? $($Use Table $13\mathrm{.}3.)$

Note: Do not round intermediate calculations. Round your answer to the nearest cent.

Quarterly deposit

$

$3,621\mathrm{.}79$