Question

How can I calculate this? Please help :-)

1) interest rate: 4.5%
2) Initial balance: one million
3) target balance: 3400438

Q: How man years does it take to reach or exceed goal?
2) what is the balance in the amount in the final year.

I'm still figuring it out, but I will appreciate if you can provide me with a formula.

Answer 1

assuming compound interest:

1000000(1 + .043)^n = 3400438

solve for n

Answer 2

oopps - thats ( 1 + 0.045)

Answer 3

Got it working, thank you :-)

Answer 4

yw