Chapter 4, Problem 2P

The monthly saving P that has to be deposit in a saving account that pays an annual interest rate of r in order to save a total amount of Fin N years can be calculated by the formula:

$P=\frac{F\left(r/12\right)}{{\left(1+r/12\right)}^{12N}-1}$

Calculate the monthly saving that has to be deposit in order to save $100,000 in 5, 6, 7, 8, 9, and 10 years if the annual interest rate is 4.35%. Display the results in a two-column table where the first column is the number of years and the second column is the monthly deposit