When will I be a millionaire?

Barry monthly send 280 euros to the bank, which he deposits bear interest of 2.1% p. A. Calculate how many months must Barry save to save 1000000 euros?


Inflation, interest rate changes, or bank failures ignore.

Result

n =  1133 months

Solution:

n=⌈log(1000000⋅2.1280⋅100⋅12+1)log(1+2.1100⋅12)⌉=1133  months n = \lceil \dfrac { log( \dfrac{ 1000000 \cdot 2.1}{ 280 \cdot 100 \cdot 12} + 1)} { log(1+\dfrac{ 2.1}{100 \cdot 12})} \rceil = 1133 \ \text{ months }

Try another example


Our examples were largely sent or created by pupils and students themselves. Therefore, we would be pleased if you could send us any errors you found, spelling mistakes, or rephasing the example. Thank you!





Leave us a comment of this math problem and its solution (i.e. if it is still somewhat unclear...):

Showing 0 comments:
1st comment
Be the first to comment!
avatar




Tips to related online calculators
Our percentage calculator will help you quickly calculate various typical tasks with percentages.

Following knowledge from mathematics are needed to solve this word math problem:

Next similar math problems:

  1. Car value
    car_old The car loses value 15% every year. Determine a time (in years) when the price will be halved.
  2. Compound interest
    exponential_usd Calculate time when deposit in the bank with interest 2.5% p.a. doubles.
  3. Computer revolution
    Intel386 When we started playing with computers, the first processor, which I remember was the Intel 8080 from 1974, with the performance of 0.5 MIPS. Calculate how much percent a year rose CPU performance when Intel 486DX from 1992 has 54 MIPS. What
  4. Borrowing
    test_5 I borrow 25,000 to 6.9% p.a.. I pay 500 per month. How much will I pay and for how long?
  5. Dividing money
    money_16 Imrich, Daniel and Dezider shared an unknown amount in the ratio 1:2:4, where Dezider received 750 euros more than Imrich and Daniel got half as much as Dezider. Determine an unknown amount of money and determine the amounth that got Imrich, Daniel and De
  6. Annual pension
    penize_49 Calculate the amount of money generating an annual pension of EUR 1000, payable at the end of the year and for a period of 10 years, shall be inserted into the bank to account with an annual interest rate of 2%
  7. Theorem prove
    thales_1 We want to prove the sentence: If the natural number n is divisible by six, then n is divisible by three. From what assumption we started?
  8. Coordinate
    exp_ln Determine missing coordinate of the point M [x, 120] of the graph of the function f bv rule: y = 5x
  9. Exponential equation
    exp Solve exponential equation (in real numbers): 98x-2=9
  10. Employees
    penize_49 The company employs 1 440 employees (men and women). For over-average results, the premiums were 18.75% of all men and 22.5% of all women. 20% of employees were rewarded with premiums. How many men and how many women are employed in the company?
  11. Exponential equation
    exp In the set R solve the equation: ?
  12. Log
    log if ?, what is b?
  13. Logarithmic equation
    nat_log_ln Solve equation: log33(3x + 21) = 0
  14. The city 3
    city_2 The city has 22,000 residents. How long it is expected to have 25,000 residents if the average annual population growth is 1.4%?
  15. Radioactivity
    radioactivity After 548 hours decreases the activity of a radioactive substance to 1/9 of the initial value. What is the half-life of the substance?
  16. Reciprocal
    complex_numbers Calculate reciprocal of z=0.8-1.8i:
  17. Intercept with axis
    log_10 F(x)=log(x+4)-2, what is the x intercept