SOLUTION: Kim wants to buy a farm in ten years. It will cost $250,000. She is earning 8% returns on her investments. How much does she need to save at the end of each month in order to reach

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Question 612877: Kim wants to buy a farm in ten years. It will cost $250,000. She is earning 8% returns on her investments. How much does she need to save at the end of each month in order to reach her goal?
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 
Hi,
In General
A = Accumulated Amount = 250,000
P[n]= Savings Amount per period
r= annual rate = .08
n= periods per year = 12
t= years = 10


, the monthly savings amount necessary = $1366.52
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