You want to have $600,000 when you retire in 10 years. If you can earn 8% interest compounded monthly, how much would you need to deposit now into the account to reach your retirement goal?
The multiplier each month is 1+0.08/12 ≈ 1.0066667, so after 120 months, the amount is multiplied by (1.0066667)^120 ≈ 2.2196402. The amount needed is ...
