Your company estimates it will have to replace a piece of requirement at a cost of $800,000 in 5 years. To do this a sinking fund is established by making equal monthly payments into an account paying...

Your company estimates it will have to replace a piece of requirement at a cost of $800,000 in 5 years. To do this a sinking fund is established by making equal monthly payments into an account paying 6.6% compounded monthly. How much should each payment be? Show solution.