Question 1098605

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 end of each period.
<pre>The formula for the PAYMENT, per period, to an ORDINARY ANNUITY should be used. This is:{{{PMT = FV[oa]/((1 + i/m)^(mt) - 1 * (m/i))}}}, where:
{{{FV[oa]}}} is the future value in the amount of time (years), or the amount that will be available then <font color="red"><b>($48,000, in this case)</font></b>
PMT is the payment amount <font color="red"><b>(UNKNOWN, in this case)</font></b>
i is the interest rate, per year <font color="red"><b>(8%, or .08, in this case)</font></b>
m is the number of compounding periods per year <font color="red"><b>(4, in this case)</font></b>
t is the amount of time, in years, that the money is left in the fund <font color="red"><b>(4.5, in this case)</font></b>