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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 beginning of each month in order to have the amount needed for the trip at the end of 3 years ?

a) 71.55 b) 66.55 c) 50.55 d) 55.55 e) 61.55

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