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Determine how much of monthly paycheck

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Point 1: Suppose you have just decided to earn your MPA. You are planning to earn your degree in three years while working. You know that at the end of these three years you will deserve a really good vacation. You have already picked a 5-star hotel for a relaxing vacation on the Island of Oahu, HI. The all-inclusive vacation + airfare costs $4,000.

Question 1: How much of your monthly paycheck you should put aside for this trip to have $4,000 by the end of 3 years? Assume that your monthly interest rate is 0.1% (annual interest would be 1.2%). Your interest is compounded monthly. (Calculate your monthly payments. Note that the number of periods will be 12*3=36.)

Reference no: EM132493941

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