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Home Q & A Board Science-Related Homework Help Mathematics
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gewusel gewusel
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6 years ago
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.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
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
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