Find the amount accumulated FV in the sinking fund. HINT [See Example 1.] (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.)

$550 is deposited monthly for 16 years at 6% per year

FV = $

Find the periodic payments PMT necessary to accumulate the amount given in a sinking fund. HINT [See Example 2.] (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.)

$30,000 in a fund paying 7% per year, with monthly payments for 5 years

PMT = $