Hugo plans to deposit $200 at the end of each month into a bank account...
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Accounting
Hugo plans to deposit $200 at the end of each month into a bank account for a period of 3 years. After which he plans to increase his deposit to $X at the end of each month into the same account for another 5 years. He will have $45000 in his account by the end of 8 years (assume no withdrawals is made during the 8-year period). If the bank pays interest at the rate of 6% per year compounded monthly, what is the value of X? You may use i = 0.06/12
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