in order to invest 236,281.61 at age 65 you need to start saving at the age of 25 How much money would we need to put away monthly into an ordinary annuity that earns 12% compounded monthly in order to get to our goal?

236281.61*.01/(1+.01)^480-1=20.08???

Not what is quarterly payment

To determine the monthly savings amount needed to reach your investment goal, we can use the formula for the future value of an ordinary annuity:

FV = P * ((1 + i)^n - 1) / i

Where:
FV = Future value (investment goal) = $236,281.61
P = Monthly savings amount
i = Monthly interest rate = Annual interest rate / 12 = 12% / 12 = 1%
n = Number of periods = (65 - 25) * 12 = 40 years * 12 months/year = 480 months

Now, let's substitute the values into the formula and solve for P:

236,281.61 = P * ((1 + 0.01)^480 - 1) / 0.01

To solve this equation, we can isolate P:

P = 236,281.61 * (0.01 / ((1 + 0.01)^480 - 1))
P ≈ 236,281.61 * 0.006454

Calculating this, we find that the monthly savings amount needed to reach your investment goal is approximately $1,525.25