Suppose you wanted to have exactly $20000 in your savings account after 48 months at an annual interest rate of 6.5% compounded monthly and you made an initial deposit of $2300. What would your monthly savings have to be (how much would you have to deposit into the account each month) to achieve this goal? You may use trial-and-error in Excel or find the algebraic solution with Maple or by hand to obtain your answer.
How much is in the saving account after... 1 month, 6 months, 1 year, 2 years?