Need to solve i
1878846,63 = 1000[(1+i)300-1]
i
Formula F = x[(1+i)n-1]
i
Thank you
Unfortunately, young person, there is no DIRECT solution to your problem! However, iteration and interpolation can be used to home in on the interest rate. After doing that a few times I came up with the monthly interest rate of 1%, or 12% compounded monthly.
Check: FV = 1,000 x {[1.01^300 - 1] / 0.01}
FV = 1,000 x 1,878.84663.........
FV = $1,878,846.63
