solve the 65,000 question

A business sets up a sinking fund so they will have a $56,000.00 to pay for a replacement piece of equipment in 7 years when the current equipment will be sold for scrap. If they make deposits at the end of every 2 months for 7 years in the investment that pays 5.5% compounded every 2 months, what size should each payment be? The every 2 months payments are $ (Round to 2 decimal places.) Points possible: 10 This is attempt 1 of 1 Message instructor about this question Post this question to forum A business sets up a sinking fund so they will have a $65,000.00 to pay for a replacement piece of equipment in 8 years when the current equipment will be sold for scrap. If they make deposits at the end of each quarter for 8 years in the investment that pays 6.4% compounded quarterly, what size should each payment be? The quarterly payments are $ (Round to 2 decimal places.) Points possible: 10 This is attempt 1 of 1. Message instructor about this question Post this question to forum