I would like to have $50,000 after retirement in 20 years 8 months from now. How much should I invest right now to reach my goal if interest rate remains the same for the next 30 years as 3% p.a.?
but since the problem did not say anything about the type of compounding, it is most likely to be annually.
At the end of the problem is "p.a." In finance that means "per annum." It is annually.