Final answer:
The periodic payment for a sinking fund needed to accumulate a future value of $2,100,000 with a 2.4% interest rate cannot be calculated without additional information on the number of compounding periods and the duration of the fund.
Step-by-step explanation:
The question asks for the calculation of the periodic payment for a sinking fund required to accumulate a future value (FV) of $2,100,000 with an annual interest rate of 2.4% compounded. The required formula to calculate the periodic payment R is not completely provided in the question, implying that it's necessary to use the sinking fund payment formula, which is a derivation of the future value of an annuity formula:
PMT = FV / [(1 + r/n)^(nt) - 1] / [r/n]
Where PMT is the periodic payment, FV is the future value, r is the annual interest rate, n is the number of compounding periods per year, and t is the number of years. Using the provided interest rate and assuming the appropriate compounding periods and time frame, one would plug in the values into the formula to solve for PMT. Unfortunately, without the specific number of compounding periods and the time frame, the exact periodic payment cannot be determined. More information is needed to calculate the precise periodic payment to the nearest cent.