Question: Help is needed for the following question! It is much appreciated, thank you Bob and Ana are proud parents of baby Maeve who is 2

Help is needed for the following question! It is much appreciated, thank you

Bob and Ana are proud parents of baby Maeve who is 2 years old. They want to send Maeve to College, a prestigious private girl college, when Maeve enters secondary college. They estimate that to fully fund the cost of Maeve's secondary education they will need to have $120,000 at the time Maeve is 13 years old. They currently

have $10,000 in an education fund for Maeve which will be invested at 8% per annum until she reaches 13. They also intend to make monthly contributions into an investment account that pays 12% per annum (i.e 1% per month) with annual compounding. What is the monthly contribution if they were to achieve their saving objective of $120,000 when Maeve is 13 years old?

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