Suppose you have the opportunity to put some money in an inv

Suppose you have the opportunity to put some money in an investment earning 6% compounded monthly How much would you need to set aside today if you wanted to have $30000 available in 5 years to make a down payment on a house? (Think present value) 30000e-60 30000(1.06)-5 30000 (1.06)-(0.06)(5) 30000(1.005)-60 30000 (1.005)60

Solution

30000*(1.(06/12))-5*12 =30000*(1.005)^-60