Use this formula to find the indicated value: FV=PMT((1+i)^n)-1)/i FV=4000 PMT=200 i=.02 n=? Find n.
Follow Math Help Forum on Facebook and Google+
First, FVi= PMT((1+i)^n- 1)= PMT(1+i)^n- PMT FVi+ PMT= PMT(1+i)^n (1+i)^n= FVi/PMt+ PMT/PMT= (FVi/PMT)+ 1 Now, since n is an exponent, you will need to us a logarithm: n log(1+i)= log((FVi/PMT)+ 1) n= (LOG((FVi/PMT)+ 1)/(1+ i)
Thank you SOOOO MUCH =)
View Tag Cloud