How much will you need to invest each month to reach a savings goal of $200,000 at the end of 20 years, if you invest in an annuity that pays 3% interest, compounded monthly? Round your answer to the nearest dollar.

   investment per month=$520.83

Step-by-step explanation:

let ; total investment =p

200,000-p = p*20*3/100

(200,000-p)5 = 3p

1000000-5p =3p

1000000=8p

1000000/8=p

125000=p

therfore

   investment per month=125000/240

                                        =$520.83

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Step-by-step explanation:

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