Finance
posted by Debbie on .
How long will it take you to accumulate $10,000 if you save $250 a month starting next month? Assume you can earn an APR of 2.4% on your savings.

i = .025/12 = .002083333..
n = ?
10000= 250( 1  1.00208333^n)/.00208333
.0833333 = 1  1.00208333^n
1.00208333^n = .9166666
take log of both sides and use log rules
n log 1.002083333 = log .916666
n = 41.8
n = 41.8 months
appr. 42 months