Problem:
You plan to buy a house of your dreams in 15 years. You have estimated that the price of the house will be $84,998 at that time. You are able to make equal deposits every month at the end of the month into a savings account at a rate of 12.38 percent, compounded monthly.
Task:
How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams? Explain in detail and illustrate out all workings.