QuestionUse the accompanying sinking fund formula to determine the payment needed to reach the accumulated amount.
Monthly payments with $7 \%$ interest are compounded monthly for 26 years to accumulate \$430,000.$$p=\frac{A\left(\frac{r}{n}\right)}{\left(1+\frac{r}{n}\right)^{n t}-1}$$
The monthly invested payment is $\$$ $\square$ (Do not round until the final answer. Then round up to the nearest cent.)