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.)

More

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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Keanna R.

May I ask which formula it is? I can not for the life of me figure this one out through the steps.28d