[SOLVED] Help with annuity question
Here is what is given:
PV = $5,000
PMT = $200
i = .01
I know that this is lining exactly up right but it shows the general idea of the problem.
The problem, and I can't figure out where this comes from, is that the book shows the next step as:
=20,000[1-(1.01)-n] and I don't know where the 20,000 came from. Is there a step that I missed. I'm trying to solve for "n" in this problem and everything that I try comes up with approximately 22 periods but the answer should be 29.