Hi everybody. I'm trying to figure out a somewhat confusing problem about savings accounts.
I want to save 96,000 over the span of 20 years (or 240 months). At the moment there is no money in the account. My account compounds interest monthly at a rate of .5%. How do I determine the amount of money I should be setting back every month to reach my goal?
In sum:
a_0=0
a_240= 96000
r=0.5%=.005
b=monthly deposits, so, how do I find b?
Any input would be greatly appreciated.
I want to save 96,000 over the span of 20 years (or 240 months). At the moment there is no money in the account. My account compounds interest monthly at a rate of .5%. How do I determine the amount of money I should be setting back every month to reach my goal?
In sum:
a_0=0
a_240= 96000
r=0.5%=.005
b=monthly deposits, so, how do I find b?
Any input would be greatly appreciated.
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