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View Full Version : 27,000 in three years at 6% interest compounded monthly how much do I need to invest


helpcrazy
Mar 1, 2015, 01:41 PM
27,000 in three years at 6% interest compounded monthly how much do I need to invest.

joypulv
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 (http://www.bankrate.com/calculators.aspx)

(If someone says they can earn 6% monthly, you are being scammed.)

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