Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with an EAR of

12.7

%.

If this account pays interest every month then how much should he save from each monthly paycheck in order to have

$ 8000

in the account in

four

years' time?

A.

$ 131

B.

$ 209

C.

$ 105

D.

$ 183