Suppose you are attemping to save $5,000 for a trip to Australia, over a span of 20 months. You open a special account with a 1.2% rate that compounds every 20 months. (Each part needs its OWN table).
A). If you put $300 into the account each month, will you reach your goal? If so, by how much will you "overshoot" $5,000?
B). What is the minimum amount you need to deposit in your account each month in order to each $5,000 in 20 months?
C). Suppose that Aunt Josie gives you $400 to start saving for the trip. By how much would that reduce your minimum monthly deposit?