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 are ignored.

Correct answer:

n =  1133 months

Step-by-step explanation:

$n=\lceil {\displaystyle \frac{log({\displaystyle \frac{1000000\cdot 2.1}{280\cdot 100\cdot 12}}+1)}{log(1+{\displaystyle \frac{2.1}{100\cdot 12}})}}\rceil =1133\text{ months}$

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