I have a monthly saving amount compounding question

label Mathematics
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

in order to have $16,000,000. At the end of 4 years, what equal amount do I save each month at 3% compounded monthly 

Nov 21st, 2014

fv

16,000,000

Rate(monthly)

0.0025

Period

48

pv

14192852.21

pmt

$314,149.23

Payment = $314,149 or $314,150 for 48 months.

Nov 21st, 2014

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