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PV=11,000

i=0.005

PMT=$500

n=?

positivityqueen  Jul 2, 2017
 #1
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Why post same question twice? It's difficult enough for Guests battling the everlasting Captcha. I must fight up to three or more per post when Captchas are antsy to fight. They must prove themselves to Google to defeat bots. However, I may be defeated as they grow stronger everyday with stealth. I can not spot a car in an ocean yet I fail to see the sky. Here is the answer you seek.

 

This is the notation for our problem

PV = A(P/A, i%, n)

Now to set up the formula

PV = A((((1+i)^n)-1)/(i*(1+i)^n)

11000 = 500((((1.005)^n)-1)/(.005*(1.005)^n)

Many methods you could solve for n.

After many guesses I came the value is in between 23 and 24. Furthermore, with linear interpolation I came to the conclusion n=23.4897

Guest Jul 3, 2017

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