Response to the following problem:
In 10 months, Kathy plans to vacation in Europe and she needs to have 12164 dollars in her bank account upon departure. Given that Kathy's bank account yields 1% per month and that her current balance is 2720 dollars, she is trying to figure out how much she needs to save every month in order to achieve her goal (10 equal deposits at the end of each month).
As she never attended a finance course, she wants your advice. How much does she need to deposit at the end of every month?