The length of time to wait from part (b) is obviously unreasonable. A more realistic scenario is that you deposit $10,000 initially, and then continue to make smaller

recurring monthly deposits. The formula that can determine the account balance is

= ( (1+2)^t -1 /r) + P(1+r)^t ,where A is the final amount after t months, P is the principal (initial deposit), M is the recurring monthly deposit, and r is the monthly rate of return. Note that in this formula, we assume that the annual interest rate is compounded monthly, so a 1.8% annual interest rate makes r = 0.018 / 12 = 0.0015. How much money do you need to deposit each month for the account balance to reach the down payment goal in 5 years? Round to the nearest dollar.