A couple wants to renovate their house in 3 years. They need $27,000 which they plan to save for in monthly payments in an account that pays 8.5% compounded monthly. How much would their monthly savings be?
Rosemary would like to buy a chalet overlooking the Alps for $300,000. She can save up to $10,000 a month in an account paying 15% interest compounded monthly. How long will it take her to wait?