For the following sinking fund, use Table 12-1 to calculate the amount of the periodic payments needed to amount to the financial objective (future value of the annuity). Round your answer to the nearest cent.
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Sinking Fund
Payment ???
Payment
Frequency-Every Month
Time
Period (years) 2 1/2
Nominal
Rate (%) 18 %
Interest
Compounded=monthly
Future Value
(Objective) $3,000