Question

What formula do I use to solve this, I just need to know the formula only:)

You would like to have $1000000 in 38 years by making regular deposits at the end of each month in to an annuity that pays 4% compounded monthly. Determine the amount of each monthly deposit.
What formula?

Answer 1

is it...
A=P(1+rt)
or
P(1+r/m)^mt=R[(1+r/m)^mt-1)/(r/m)]
A=R[(1+r/m)^mt-1)/(r/m)]

Answer 2

or A=P(1+r/m)mt

Answer 3

You use the formula

A = R[ (1+r/m)^(mt)-1 )/(r/m)]

Answer 4

thank you!

Answer 5

You're welcome

You can find more info here

http://en.wikipedia.org/wiki/Annuity_%28finance_theory%29