
Yefim S. answered 10/25/20
Math Tutor with Experience
FV = PMT((1 + i)nt - 1)/i; FV·i/PMT + 1 = (1 + i)nt; t = ln(FV·i/PMT + 1)/[nln(1 +i)];
WE have PMT = $270; FV = $6400; i = 0.039/12 = 0.00325; n = 12.
t = 1.9 year = 23 month
Jerry N.
asked 10/25/20You can afford monthly deposits of $270 into an account that pays 3.9% compounded monthly.
How long will it be until you have $6,400 to buy a boat?
Type the number of months: ______
(Round to the next-higher month if not exact.)
Yefim S. answered 10/25/20
Math Tutor with Experience
FV = PMT((1 + i)nt - 1)/i; FV·i/PMT + 1 = (1 + i)nt; t = ln(FV·i/PMT + 1)/[nln(1 +i)];
WE have PMT = $270; FV = $6400; i = 0.039/12 = 0.00325; n = 12.
t = 1.9 year = 23 month
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