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    helpcrazy's Avatar
    helpcrazy Posts: 1, Reputation: 1
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    #1

    Mar 1, 2015, 01:41 PM
    27,000 in three years at 6% interest compounded monthly how much do I need to invest
    27,000 in three years at 6% interest compounded monthly how much do I need to invest.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #2

    Mar 1, 2015, 05:18 PM
    6% annually, I assume, not 6% monthly


    Calculation programs are all over the net. Your answer is $22,600 give or take a few dollars. Had to contribute $1 once a year.
    http://www.bankrate.com/calculators/retirement/investment-goal-calculator.aspx

    (If someone says they can earn 6% monthly, you are being scammed.)
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Mar 2, 2015, 09:22 AM
    Looks like a homework problem.
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