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Rhoda is saving money to take a trip to Egypt 3 years from today.The trip currently costs 2800 but cost is expected to increase at
Rhoda is saving money to take a trip to Egypt 3 years from today.The trip currently costs 2800 but cost is expected to increase at an annual inflation rate of 4 %. If Rhoda has a current balance of 600 in her saving account and the the account earns interest 6% convertible quarterly, what level amount should she deposit at the beginnig of ecah month in order to have the amount needed for the trip at the end of 3 years ?
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