Compound Interest

Lisa will invest some money on July 3, her sixteenth birthday, at 4.5% per year, compunded monthly. How much should she invest if she wants to have $10,000 on the November 3 following her eighteenth birthday? I have found P= 10,000 i= 0.045/12= 0.00375 n= ? ( not sure how to get this) Thank you for the help;) • Dec 2nd 2008, 11:44 AM iljitj This formula should do the trick..$\displaystyle P = \frac{A}{\left(1 + \frac{r}{n}\right)^{nt}}\$
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