Your mom is 50 and wants to put away some money for retirement. She would like to make monthly deposits in the bank, starting today and at the beginning of every month between now and the month before her retirement at age 70.

(To save you irritation: The total number of deposits is 15*20 = 300.)

a. If the interest rate is 6% annually (0.5% per month), how much should she save each month in order to have $200,000 on the day she retires? Use the PMT function.

b. Use Data Table (Chapter 24) to repeat the above calculation for annual interest rates of 0%, 1%, . . ., 12%.