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Trial-and-error in excel or find the algebraic solution

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Reference no: EM131227824

Suppose you wanted to have exactly $20000 in your savings account after 48 months at an annual interest rate of 6.5% compounded monthly and you made an initial deposit of $2300. What would your monthly savings have to be (how much would you have to deposit into the account each month) to achieve this goal? You may use trial-and-error in Excel or find the algebraic solution with Maple or by hand to obtain your answer.

How much is in the saving account after... 1 month, 6 months, 1 year, 2 years?

Reference no: EM131227824

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