You want to buy a new television which is currently priced at $2,000. but you don't have the money to afford it Upon the advice of your wealthy uncle, you resist the temptation to borrow the money to purchase the television today.
Instead, you decide to save a certain amount each month so that you can buy the television in exactly three years.
If the television price is expected to appreciate by 5% per year and your savings should earn 3% compounded monthly, then how much must you save per month, starting one month from today, to purchase It in three years?