SOLUTION: Find the amount of each payment to be made into a sinking fund which earns 8​% compounded quarterly and produces ​$48,000 at the end of 4.5 years. Payments are made at

The formula for the PAYMENT, per period, to an ORDINARY ANNUITY should be used. This is:, where:

 is the future value in the amount of time (years), or the amount that will be available then ($48,000, in this case)

PMT is the payment amount (UNKNOWN, in this case)

i is the interest rate, per year (8%, or .08, in this case)

m is the number of compounding periods per year (4, in this case)

t is the amount of time, in years, that the money is left in the fund (4.5, in this case)