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6000 a month @ 10.7% how long will it take to get 470000?

Guest Apr 26, 2017
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6000*{(1.0089166667^N - 1)/ 0.0089166667}=470000
672897. (1.00892^N - 1) = 470000

Divide both sides by 672897.:
1.00892^N - 1 = 0.698472

Add 1 to both sides:
1.00892^N = 1.69847

Take the logarithm base 1.00892 of both sides:
Answer: | N = 59.6733 - Number of months required to accumulate $470,000.

Guest Apr 26, 2017

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