Congratulations on finding 8% interest in a savings account. Your teacher will give you the formula it will have letters like t-i-r so you can just plug in the numbers.

Well, you know 40,000 is the amount that you want to reach by the end so that will be on the left side of the equation. and if it is being compounded monthly, there are 12 months in a year so 12 would be the time and then .08 would be your rate. then you just need to set it up and solve for the variable

The blakes have decided to start a monthly savings program to provide for their son's college education. How much should they deposit at the end of each month in a savings account earning interest at the rate of 8%/year compounded monthly so that, at the end of the tenth year, the accumulated amount will be $40,000?