A sinking fund is established to discharge a debt of $40,000 in 25 years. If deposits are made at the end of each 6-month period and interest is paid at the rate of 8%, compounded semiannually, what is the amount of each deposit? (Round your answer to the nearest cent.)

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02-08-2024
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A sinking fund is established to discharge a debt of $40,000 in 25 years. If deposits are made at the end of each 6-month period and interest is paid at the rate of 8%, compounded semiannually, what is the amount of each deposit? (Round your answer to the nearest cent.)

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