Suppose you just had your first child and you want to begin immediately putting away for his/her first car.Assume that car will cost a total of $32,000 and that your child will begin driving at age 16.

1.How much will you need to put away each month at a rate of 5% in order to achieve that goal?

32,000 x (0.05/12)/((1+0.05/12)^(12x16) -1)

32,000x(0.00416666666)/(1.00416666666)^192 -1

32,000x(0.00416666666)/1.22184503

32,000 x 0.00341014

109.12448

is this answer correct?