You presently have $120,000 in an account that earns 6% compounded monthly. You will be making month end deposits of $400 in the account for 12 years. You want to have $600,000 in the account at the end of the 12 year term. How much extra will you have to contribute monthly for the last 8 years of the term in order to achieve that goal?.

1. You presently have $120,000 in an account that earns 6% compounded monthly. You will be
making month end deposits of $400 in the account for 12 years. You want to have $600,000 in the
account at the end of the 12 year term. How much extra will you have to contribute monthly for the
last 8 years of the term in order to achieve that goal?