For the Sinking Funds, Use Table 12-1 from Your Text

For the sinking funds, use Table 12-1 from your text to calculate the amount of the periodic payments needed to amount to the financial objective (future value of the annuity), rounding to the nearest cent: $\begin{array}{llllll}\text { Sinking Fund } & \text { Payment } & \text { Time } & \text { Nominal } & \text { Interest } & \text { Future Value } \\ \underline{\text { Payment }} &\underline{ \text { Frequency }} & \underline{\text { Period }} & \underline{\text { Rate }} & \underline{\text { Compounded }} & \underline{\text { (Objective })} \\& \text { every month } & 2 \text { years } & 18 \% & \text { monthly } & \$ 40,000\end{array}$