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You want to purchase a new car today for $30,000. Five years ago, you invested in a fund in which the interest is earned monthly.

You want to purchase a new car today for $30,000. Five years ago, you invested in a fund in which the interest is earned monthly. If the EAR on the fund is 12%, how much should you have invested in the fund so that you have enough funds to buy the car?
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You want to purchase a new car today for $30,000. Five years ago, you invested in a fund in which the interest is carned monthly. If the EAR on the fund is 12%, how much should you have invested in the fund so that you have enough funds to buy the car? Please show the timeline

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