If Joseph decided that he wanted to have $300,000 accumulated in 30 years by making an annual payment at the end of each year that would earn 12% compounded annually, what would his sinking fund payment be? Use appropriate table to determine the answer.
300,000 = N [ 1.12^30 -1 ] / .12
300,000 = N (249.66)
N = $1,201.60