R rdjffry82 New member Joined Apr 6, 2020 Messages 2 Apr 6, 2020 #1 Can someone please help with this problem I have been struggling around for days??? I need a formula to calculate how much one needs to save each month over 25 years at a 6% return to accumulate $5000 in earned interest. Thanks, Jeff
Can someone please help with this problem I have been struggling around for days??? I need a formula to calculate how much one needs to save each month over 25 years at a 6% return to accumulate $5000 in earned interest. Thanks, Jeff
Otis Elite Member Joined Apr 22, 2015 Messages 4,589 Apr 6, 2020 #2 Hi rdjffry. Is that 6% simple interest? If it's compounded interest, what is the compounding period? ?
Hi rdjffry. Is that 6% simple interest? If it's compounded interest, what is the compounding period? ?
R rdjffry82 New member Joined Apr 6, 2020 Messages 2 Apr 6, 2020 #3 Hey Otis, This is compounded interest on a monthly basis(300 periods)
