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=log(10000002.128010012+1)log(1+2.110012)=1133 months



Did you find an error or inaccuracy? Feel free to write us. Thank you!



avatar







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

Related math problems and questions:

  • Compound interest
    exponential_usd Calculate time when the deposit in the bank with interest 2.5% p.a. doubles.
  • Bank
    money Paul put 10000 in the bank for 6 years. Calculate how much you will have in the bank if he not pick earned interest or change deposit conditions. The annual interest rate is 3.5%, and the tax on interest is 10%.
  • Compound interest
    bank Compound interest: Clara deposited CZK 100,000 in the bank with an annual interest rate of 1.5%. Both money and interest remain deposited in the bank. How many CZK will be in the bank after 3 years?
  • Profitable bank deposit 2012
    eurocoins Calculate the value of what money lose creditor with a deposit € 9500 for 4 years if the entire duration is interest 2.6% p.a. and tax on interest is 19%. Annual inflation is 3.7% (Calculate what you will lose if you leave money lying idle at negative int
  • Millionaire
    money Mr. Smith have gone withdraw from bank saving interest € 1,500. How big was his initial deposit if the annual interest rate is 1.5%?
  • Deposit
    ping_bank If you deposit 719 euros at the beginning of each year, how much money we have at 1.3% (compound) interest after 9 years?
  • Repay, interest, loan
    repay Ramchacha takes a loan amount of 240000 from a bank for constructing a house at the rate of simple interest of 12% per annum. After 1 yr. of taking the loan he rents the house at the rate of 5200 per month. Determine the number of years he would take to r
  • Bank deposit
    bank Ms Jana after the withdraw amount of 2,500 euros after year saving in bank. What was her deposit if the interest rate was 2.5% p.a..
  • Compound Interest
    exp_growth2 If you deposit $6000 in an account paying 6.5% annual interest compounded quarterly, how long until there is $12600 in the account?
  • Slow saving in banks
    penize How long will it take to save € 9,000 by depositing € 200 at the beginning of each year at 2% interest?
  • Mr. Vojta
    penize Mr. Vojta put in the bank 35000 Kč. After a year bank, he credited with an interest rate of 2% of the deposit amount. How then will Mr. Vojta in the bank?
  • Mortage hypo loan
    hypo The Jonáš family decided to buy an older apartment, which cost EUR 30,000. They found EUR 17,000 and took the loan with the bank for the remaining amount. What interest did they receive if they repaid this amount for 15 years at EUR 120 per month?
  • Interst on savings
    ecb The bank offers 1.6% interest. How many euros have to insert at the beginning if we received € 15 on the interest?
  • Future value
    penize Suppose you invested $1000 per quarter over a 15 years period. If money earns an anual rate of 6.5% compounded quarterly, how much would be available at the end of the time period? How much is the interest earn?
  • Savings
    500eur The depositor regularly wants to invest the same amount of money in the financial institution at the beginning of the year and wants to save 10,000 euros at the end of the tenth year. What amount should he deposit if the annual interest rate for the annua
  • Semiannually compound interest
    bank2 If you deposit $5000 into an account paying 8.25% annual interest compounded semiannually, how long until there is $9350 in the account?
  • Simple interest
    bank Peter put into bank 853 euros deposit. After 7 years on account overall was 984 euro. What was the interest rate if bank add simple interest?