We have
(1200(1-1.0216^n))/(1-1.0216)=10000 divide both sides by 1200
(1-1.0216^n))/(1-1.0216) =25/3 multiply both sides by (1-1.0216)
(1-1.0216^n)) = (25/3) (1-1.0216) and 1-1.0216 = -.0216 .. so we have
(1-1.0216^n)) = -(25/3)(.0216) rearrange
1.0216^n = 1 + (25/3)(.0216) and 1 + (25/3)(.0216) = 1.18 so we have
1.0216^n = 1.18 take the log of both sides
log 1.0216^n = log 1.18 and we can write
n log 1.0216 = log 1.18 divide both sides by log 1.0216
n = log(1.18) / log(1.0216) = about 7.745
We have
(1200(1-1.0216^n))/(1-1.0216)=10000 divide both sides by 1200
(1-1.0216^n))/(1-1.0216) =25/3 multiply both sides by (1-1.0216)
(1-1.0216^n)) = (25/3) (1-1.0216) and 1-1.0216 = -.0216 .. so we have
(1-1.0216^n)) = -(25/3)(.0216) rearrange
1.0216^n = 1 + (25/3)(.0216) and 1 + (25/3)(.0216) = 1.18 so we have
1.0216^n = 1.18 take the log of both sides
log 1.0216^n = log 1.18 and we can write
n log 1.0216 = log 1.18 divide both sides by log 1.0216
n = log(1.18) / log(1.0216) = about 7.745