Asked by Sherri

I need $35,000 in 5 years @ 3% interest. How do I calculate how much I need to put in each month to make it.
Answered by Reiny
Assume we are dealing with compound interest and the interest is compounded monthly
i = .03/12 = .0025
let the monthly deposit be P
P(1.0025^60 - 1)/.0025 = 35000
..
..
P = 541.40
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