how much must you invest today at 8 monthly compound to with

how much must you invest today at 8% monthly compound to withdraw $50,000 in 12 yrs

interest rate monthly = 8%

in decimal 0.08

compounnd interest = p(1+r)^mt

m= 12 moths in one year

t = 12 years

total months= 144

p(1+0.08)^12*12 = $50000

p = $0.7690 invested money today