word problem find investement
How much money must be invested now at 6% per annum compounded monthly to grow into one million dollars.
15 years from now
25 years from now
35 years from now
I have done other problems in our book that are similar to this one and I know I use the same formula P = A(1+i)^-N but the questions they were asking pertained to how much would an 18 year old have to invest at each of these annual interest rates to accumulate $1,000,000
a) 2% b(4% c)6% and I just used the calculator and made a table using the equation and plugging in for y1 in the calc. example: Y1 = 1,000,000(1+x/100)^-42 Do I make a table for this one also??