Lycaon Pictus wishes to study painting in Paris and is saving money to enroll in art school. Lycaon wishes to enroll in art school two years from now.

He estimates that art school will cost $$1,111$ per month for three years. Assume that the first expenditure of $1,111$ will occur $24$ months from now, and the final one will be sixty months from now$).$

Lycaon currently has $$9000$ already saved.

How much additional money must Lycaon save each month $($starting in one month from now, and ending in $23$ months from now$)$ to be able to have enough cash to pay for his studies? The monthly interest rate is $0\mathrm{.}4167\%.$

Answer rating: 100% (QA)

Answer Lycaons Monthly Savings Requirement Total Program Cost Monthly cost per year 1111 Total progr... View the full answer