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Parents want to save $20,000 to support their child’s education. The child just turned five. They...

Parents want to save $20,000 to support their child’s education. The child just turned five. They will deposit a certain amount into this account every month. The expected monthly rate of return (interest rate i) for this educational saving account is 0.14% per month. The educational plan will be cashed by the child at 18 years of age (13 years from now). The first contribution to this plan will be made by the end of this month and the last contribution precisely when the child turns 18.

Calculate the necessary monthly contribution to meet this saving target.

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