4. You would like to invest $250 per month into a savings account in order to save $50,000. The
bank has offered you a rate of 3% annually, compounded monthly. Determine how many monthly
investments would be necessary to reach your goal. (3 marks)
Where FV = future value
FV =
R= amount of monthly payment
R[(1 + i)" - 1]
i
interest rate as a decimal
number of compounding periods per year
n = number of investments
Express your answer as a whole number.