You 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?

Question

You 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.)

Answer 1

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...