Please help me with the following question. Show step-by-step process and how to calculate in Excel. Thank you for your help!
You plan to buy the house of your dreams in 8 years. You have estimated that the price of the house will be $108,527 at that time. You are able to make equal deposits every month at the end of the month into a separate savings account, at an annual rate of 3.34 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate to buy the house of your dreams. Please show your work.