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A freight-hauling firm estimates that it will need a newforklift in six years. The estimated cost o

A freight-hauling firm estimates that it will need a newforklift in six years. The estimated cost o

A freight-hauling firm estimates that it will need a newforklift in six years. The estimated cost of the vehicle is$40,000. The company sets up a sinking fund that pays 8% compoundedsemiannually, into which it will make semiannual payments toachieve the goal. Calculate the size of the payments. Showwork.A. $2662.09 C. $2107.80B. $1023.47 D. $1323.71