Mr. Robert Lopez who is a vintage car collector negotiated to buy Mr. Jonathan Traylor’s 1920 Ford Model-T for $40,000. Based on the advice of his tax consultant, Ms. Jamika Jones, Mr. Jonathan Traylor Agreed with Mr. Robert Lopez that payment will be effected at the end of 8 years when Mr. Lopez hopes to fall in to a lower tax bracket after retirement. Mr. Lopez therefore thought it wise to deposit money regularly in a sinking fund that will accumulate $40,000 at the time he will be paying Mr. Traylor. Assuming this sinking fund will earn 5% interest compounded twice a year; calculate the regular payments that Mr. Lopez will be making into the account each time.