Question 1054702
Brown needs $5,000 in three years. If the interest rate is 9% compounded monthly, how much should she save at the end of each month to have that amount in three years?
<pre>You need to use the formula for payments on an ORDINARY ANNUITY, with a future value of $5,000. 
This formula considers end-of-month payments as opposed to beginning-of-month payments, and should give monthly payments of: {{{highlight_green("$121.50")}}}