Some time into your career, you decide that when you retire, you want to travel for a year. You start saving separately for your travel plans when you retire in 30 years. You invest $5,000 a year at an interest rate of 3%. You recall the future worth equations you learned way back in your FEC II class, and use the Uniform series equation to see if you're saving enough money per month to save 250,000 for your travel expenses.
You see after running this that you are not saving enough money per month. So you decide to back track to find how much you should be saving a month to make sure you have 250,000 when you retire.
In the submission box below, say how much you found you would earn from the Uniform Series equation, and how much you should be saving a month to hit your savings goal of 250,000 in 30 years. Recall the interest rate of 3%.