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Carolyn wants to retire in 30 years time, and so decides to start a new retirement...

Carolyn wants to retire in 30 years time, and so decides to start a new retirement savings account. She wants to accumulate 250000 dollars by the time she retires.

Initially, Carolyn deposits 2000 dollars into the account. She will make further deposits at the end of each month.

The account will earn interest at annual rate 5 percent, compounded monthly.

How much will she have to deposit into the account each month in order to reach this target after 30 years? (Give your answer, in dollars, correct to the nearest cent.)

Math   Calculus   
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