Question
Three years from now, a couple plans to spend 4 months traveling in China, Japan, and Southeast Asia. When they take their trip, the would
Three years from now, a couple plans to spend 4 months traveling in China, Japan, and Southeast Asia. When they take their trip, the would like to withdraw $12000 at the beginning of each month to cover their exspenses for that month. Starting now, how much must they deposit at the beging of each month for the next 3 years so that the account will provide the money they want while they are traveling (in $)? Assume that such an accoubt pays 7.8% conpunded monthly. ( Round your answer to the beatest cent.)
Please don't be mistake and fast, will upvote.
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