Solve the application problem. Round to the nearest cent. 
-How much should be deposited monthly into a sinking fund over 4 years to accumulate $119,000 if the money earns 12% compounded monthly?
Definitions:
Effective Yield
A measure of the return on an investment, taking into account the effect of compounding interest.
Simple Annualized
A method of calculating the return on an investment by annualizing its simple interest without accounting for compounding.
Holding-Period Return
The total return received from holding an asset or portfolio of assets over a specified period of time.
Quarterly Compounded
Interest that is calculated and added to the principal every three months, increasing the amount on which subsequent interest calculations are based.
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