The calculator says 39 months

the formula, which is complicated, creates an equation which must be solved numerically

by iteration, and cannot be solved algebraically...

Jerry N.

asked • 12/15/20You can afford monthly deposits of $250 into an account that pays 2.7% compounded monthly. How long will it be until you have $10,000 to buy a boat?

Type the number of months: ___________

(Round to the next-higher month if not exact.)

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The calculator says 39 months

the formula, which is complicated, creates an equation which must be solved numerically

by iteration, and cannot be solved algebraically...

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