Scrooge McCluck anticipates that in five years he will need a bigger vault to store all of his money. The vault company has provided him with an estimate of $250,000 for the installation of the new vault at that time. McCluck can invest money at 12% compounded monthly over the 5 year period. How much (rounded) must he invest each period to have $250,000 at the end of the 5 year period

$3,031 is the Estimated monthly investment to get $250,000 at 12% compounded monthly over 5 years

Explanation

Given information's are

Estimated investment= $250,000

Year = 5 years

Interest Rate = 12% compounded monthly

Compound interest = ((P×(1+i)^n) - P)

where P = Principal

I is the annual interest rate, and

n is the number of periods

Compound interest = (( $250,000 ×(1+12÷100)^5) - $250,000)

Compound interest =  $68,156.18

Monthly investment needed = Estimated investment - Estimated interest

=  $250,000 - $68,156.18 = $181,843.82 ÷ 60 (months) = $3,031

Estimated monthly investment to get $250,000 at 12% compounded monthly over 5 years is $3,031

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