Question

CORRECT ME 4 MEDAL !!

Sarah knows that she needs $62,000 for a 25% down payment on a house she can afford. She found an investment that earns 1.25% interest compounding monthly. How much should she put in the account now, rounded to the nearest dollar, to ensure she has the down payment amount in 5 years?
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MY WORK -http://www.wolframalpha.com/input/?i=M%3D58%2C246%281%2B%280.0125%29%2F%2812%29%29%5E%2812*5%29

Answer 1

$58,246 <---- My answer

$54,722

$17,993

$29,423

Answer 2

@Ab590

Answer 3

@ganeshie8