student needs $3 000 for books and tuition in one year. If the student finds an investment that pays 3%/a compounded monthly, how much must be saved each month to reach this goal?
+37084 FV = P ((1+i)^n-1) / i where i = 3%/12 = .0025 n = 12
3000 = P ((1+.0025)^12 -1) / .0025
P =$ 246.58 each month for 12 months
