How much money should be invested every month with 8% interest per year compounded monthly in order to save up $10,000 in 15 months?

$ 637.17

Step-by-step explanation:

First, let's convert the interest per year (iy) to interest per month (im):

(1 + im)¹² = 1 + iy

(1 + im)¹² = 1 + 0.08

1 + im =

1 + im = 1.00643

im = 0.00643

im = 0.643%

The total amount (A) of an investment is:

Where R is the amount invested per month, and n the number of monthes. So:

10,000 = R*15.6943

R = $ 637.17

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