Question

What should I invest now to have $15,000 in 12 years at a compounded monthly rate of 1.6%?

Answer 1

P(1+.016/4)^(4*12) = 15000
solve for P

Answer 2

Oops. Missed the monthly rate. Thought it was 1.6% annually, compounded quarterly. (How? no idea - careless reading)

P(1+.016)^(12*12) = 15000