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PLEASE SHOW WORK AND FORMULAS! You're saving for your first house. You want to have at least a 10% downpayment and to be safe you

image text in transcribedPLEASE SHOW WORK AND FORMULAS!

You're saving for your first house. You want to have at least a 10% downpayment and to be safe you are targeting $50,000 by the end of 5 years. Assuming an 8% annual return in the stock market, how much will you need to save every month? Assume savings is made at the end of the month. (Ignore all taxes and to the nearest dollar.) A). $810 B). $860 C). $710 D). $680 E). None of the options

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