A mutual stock fund has grown at a rate of 16 compounded, Business Economics

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A mutual stock fund has grown at a rate of 16 compounded

A mutual stock fund has grown at a rate of 16% compounded annually since its beginning. If it is anticipated that it will continue to grow at this rate, how much must be invested every year so that $60,000 will be accumulated at the end of 12 year?

Please show formulas used and work.

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Business Economics: A mutual stock fund has grown at a rate of 16 compounded

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Business Economics: A mutual stock fund has grown at a rate of 16 compounded

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