You have an intermediate goal: Save $5,000 for a London trip in 3 years. To achieve this goal, how much do you need to save each month for next 3 years(36 months) from now on? You expect a 3% annual interest rate (APY) for your savings. Use TVM online caculator Time Value of Money Calculator - Calculate TVM (gigacalculator.com). (Note: first determine what to know (mode on the calculator), second, determine whether $5,000 is present value or future value; third, determine to use 3 years or 36 months for period ,and fourth, determine whether you can use annual interest rate (3%) or monthly interest rate (3%/12)).
$132.90
$132.91
$132.92
$132.93
