You deposit a fixed amount every month in a bank account with an EAR of $12\mathrm{.}4\%.$ How much should you deposit in each month in order to have $$20,000$ in the account in five years' time, if this account pays interest every month?

Question $19$ Answer

a$.$

$$3123$

b$.$

$$247$

c$.$

$$3164$

d$.$

$$242$