SOLUTION: how much should i deposit to yeild $150000 at a compound intrese of 12% per month after 5 years please show working

Question 351571: how much should i deposit to yeild $150000 at a compound intrese of 12% per month after 5 years please show working
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
12% per month? That's an incredibly high interest rate.
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I'm assuming interest is compounded monthly, ,

You need to deposit $167.11 today to get $150,000 in 5 years.
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In case interest is compounded annually, then ,

You need to deposit $1734.37 today to get $150,000 in 5 years.
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