Hi all,
I have a basic question that I should probably already know. But my math needs a little freshening up.If I put say $5000 away in a managed fund on the 1st of Janurary 2004 and contribute $100 per month every month. Say I get 10% return compounded on that money paid monthly and reinvest that return. Then how do I calculate what the total amount of money will be in that fund in say 5 years?
Any brainy math pople?
Thanks,
MarkyMark
Go to http://www.ingdirect.com.au.
They have a savings calculator tool for you that can work out the answer to your question.
It’s really not a basic maths problem you should know the answer to… it’s more a “Where do i find the calculator that will tell me” question. Bennido suggested a good one, but also, if you are any good at excel, it has functions that will do it for you, so you can set up a fancy spread sheet (I love spread sheets).
Dan.
Looking for positively geared property? Check out http://www.positivelygeared.com.au
Try the PMT function in Excel.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.– Jan L.A. van de Snepscheut
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