Question: You plan to do an MBA in five years. You anticipate that you will need $100,000 by that time to enroll in your program of

You plan to do an MBA in five years. You anticipate that you will need $100,000 by that time to enroll in your program of choice. You decide to start saving for this now by making equal monthly deposits into a fund with an expected return of 9%, compounded monthly(r₁₂=12%). You plan to make the deposits at the end of every month for the next five years. If you are to achieve your goal of $100,000, how much should your monthly deposit be?

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