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