(Solved): Use the sinking fund formula shown to the right to determine the semiannual payments with \( 5 \% \ ...

Use the sinking fund formula shown to the right to determine the semiannual payments with \( 5 \% \) interest are compounded semiannually for 5 years to accumulate \( \$ 62,000 \). \[ p=\frac{A\left(\frac{r}{n}\right)}{\left(1+\frac{r}{n}\right)^{n t}-1} \] The semiannual invested payment is \( \$ \) (Round up to the nearest cent)