A person is planning to open a savings account with the intent to buy a house in five years. They will invest an equal amount each month for five years. This account will earn 6% per year (.5% per month) and will have $300000 at the end of the five year term. 

What is the amount of the monthly investment?

Answer rating: 100% (QA)

We can use the present value formula to calculate the ... View the full answer