00:01
All right, so we want to know how much money, let's say x, do we need to deposit at an interest rate of 0 .3, compounded quarterly, and in three years, quarterly, that's going to be 12 periods.
00:23
So if we have this lump sum, x, and we deposit it, we get this much interest over three years.
00:35
This is how much we have.
00:38
And we want that amount to be equal to taking, okay, $1 ,000 a month, and then compounding at 6 % monthly, that's going to be 36 times it's compounded.
01:00
It's going to be 1 ,000 times 1 plus 0 .06 over 12 to 36 minus 1 over 0 .16 .1 over 0 .6 .6...