16. NEW AUDITORIUM growing rapidly. The leaders of the church are planning to remodel the auditorium with special features for their televised broadcasts at a cost of $2,800,000 in 5 years. The mem-...

Extracted text: 16. NEW AUDITORIUM growing rapidly. The leaders of the church are planning to remodel the auditorium with special features for their televised broadcasts at a cost of $2,800,000 in 5 years. The mem- bership has set up a sinking fund with the idea of making a payment at the end of each quarter. Find the payment needed if money earns 8% compounded quarterly. The membership of the Green Fields Baptist Church is large and