Find the amount of each payment needed to accumulate the indicated amount in a sinking fund. Round to the nearest
cent. 
-$6,700, money earns 5% compounded annually, 8 years
Definitions:
Long Run
A period of time during which all factors of production and costs are variable, in contrast to the short run where some are fixed.
Market Supply
The total amount of a product or service that is available to consumers, determined by the sum of all individual suppliers' outputs in the market.
Decreasing-cost Industry
An industry that experiences lower production costs as the industry output expands, often due to economies of scale.
Relevant Inputs
Factors or resources that directly impact the production process or decision-making in a specific context.
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