How to determine monthly deposits to reach a financial goal

[ank91901]

Hi everybody. I'm trying to figure out a somewhat confusing problem about savings accounts.
I want to save 96,000 over the span of 20 years (or 240 months). At the moment there is no money in the account. My account compounds interest monthly at a rate of .5%. How do I determine the amount of money I should be setting back every month to reach my goal?
In sum:
a_0=0
a_240= 96000
r=0.5%=.005
b=monthly deposits, so, how do I find b?

Any input would be greatly appreciated.

 

[tiny-tim]

hi ank91901!

show us what you've tried and where you're stuck, and then we'll know how to help!