Hey, I'm a student in finance and I don't understand well this question, could you please explain
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Hey, I'm a student in finance and I don't understand well this question, could you please explain to me how to respond and the formula to use? Thanks in advance
"A child turns 3 years old today. His parents would like to enroll him in piano lessons when he turns 5. How much do they have to pay into their interest-bearing account each month to finance 41 piano lessons? It is assumed that they will pay for all lessons in advance on the day the child turns 5.
i. Price of a piano lesson: 45 .
ii. First payment in one month.
iii. Last payment on the day the child turns 5 years old.
iv. Remuneration of the savings: 0.21% per month."
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