Use the accompanying sinking fund formula to determine the payment needed to reach the accumulated amount.

Monthly payments with $5\%$ interest are compounded monthly for $23$ years to accumulate $$500,000.$

$p=\frac{A(\frac{r}{n})}{(1+\frac{r}{n}{)}^{nt}-1}$

The monthly invested payment is $

$($Do not round until the final answer. Then round up to the nearest cent.$)$