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 3 years. Lycaon currently has $9,000 already saved. 

How much additional money must Lycaon save each month (between now and when he plans to start) to be able to have enough cash to pay for his studies? Use an interest rate of 5% annual rate, compounded monthly.

Answer rating: 100% (QA)

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