In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

Question

How much must you invest each month in a mutual fund yielding 12.6% compounded monthly to become a millionaire in 10 years?

Answer 1

P(1 + .126/12)^120 - 1)/(.126/12) = 1,000,000
P = ...