An amount equal to $60,000 is required after 12 years. The rate of return on an investment made now is 6% per annum. Use the formula `A = P*(1+r)^t` where P is the initial investment, r is the rate of return and A is the amount that P increases to after t years.

Here, r = 0.06, t = 12 and A = 60000. The value of P has to be determined.

`60000 = P*(1.06)^12`

=> `P = 60000/(1.06)^12`

=> P = 29818.16

**The amount that should be invested now is $29818.16**

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