Enola needs to contribute $4,330.68 per month to the account.
How much does Enola need to contribute to the account?
Let's denote the monthly contribution as X.
The interest rate is 0.4% per month.
Since Enola plans to save for 3 years, the total number of months is:
= 3 * 12
= 36 months.
Using formula for compound interest: Future value = Present value * (1 + interest rate)^number of periods
We will plug values:
$5,000 = X * (1 + 0.004)^36
X = $5,000 / (1 + 0.004)^36
X = $5,000 / (1.004)^36
X = $4,330.68248
X = $4,330.68.