Savings Plan. The formulagives the amountSaccumulated in a savings plan when a deposit of...

Savings Plan. The formula

gives the amountSaccumulated in a savings plan when a deposit of P dollars is made each month fortyears in an account with interest rater,compounded monthly. Use this formula for Exercise.

Sue and Richard want to establish a college fund for their daughter that will have accumulated $120,000 at the end of 18 years. If they can count on an interest rate of 3%, compounded monthly, how much should they deposit each month in order to accomplish this?