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Make a deposit into a savings account

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During Jack's first year at college, his father had been sending him $100 per month for incidental expenses. For the sophomore year, his father decided instead to make a deposit into a savings account on August 1 and have his son withdraw $100 on the first of each month from September 1 to May 1. If the bank pays 11.5% interest compounded monthly, how much should Jack's father deposit?

Reference no: EM131038436

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Month for incidental expenses : During Jack's first year at college, his father had been sending him $100 per month for incidental expenses. For the sophomore year, his father decided instead to make a deposit into a savings account on August 1 and have his son withdraw $100 on ..

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