Asked by Tim

What should I invest now to have $15,000 in 12 years at a compounded monthly rate of 1.6%?
Answered by Steve
P(1+.016/4)^(4*12) = 15000
solve for P
Answered by Steve
Oops. Missed the monthly rate. Thought it was 1.6% annually, compounded quarterly. (How? no idea - careless reading)

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