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(10000002.128010012+1)log(1+2.110012)=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 }



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