If you deposit 10,000 every year into an account paying 5% interest compounded annually, how long will it take to accumulate 1,000,000?
solve for t in
10000(1.05^t - 1)/.05 = 1000000
or
1.05^t - 1 = 2000
...
10000(1.05^t - 1)/.05 = 1000000
or
1.05^t - 1 = 2000
...