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Title: Deon makes monthly contributions of $250.00 at the end of every month into an RRSP. Calculate, to ... Post by: gewusel on Nov 27, 2017 Deon makes monthly contributions of $250.00 at the end of every month into an RRSP. Calculate, to the nearest month, how long it will take to grow to $100 000.00 if interest is 8% compounded annually.
Title: Re: Deon makes monthly contributions of $250.00 at the end of every month into an RRSP. Calculate, ... Post by: yacom on Nov 27, 2017 FV = 100 000.00; PMT = 250.00; i = = 8% = 0.08; I/Y = 8; P/Y = 12; C/Y = 1; c =
p = -1 = 0.00643403 100000.00 = 250 2.573612044 = - 1 3.573612044 = n ln 1.00643403 = ln 3.573612044 n(0.00641342) = 1.273576861 n = 198.58 ≈ 199 months Programmed solution: |