Can someone tell me the formula for this Q?

Use the future value formula to find the indicated value.

FV=12,000; i=0.02; PMT=$600; n=?

n=___
(Round to the nearest integer as needed.)

Question

Can someone tell me the formula for this Q?

Use the future value formula to find the indicated value. 

FV=12,000; i=0.02; PMT=$600; n=?

n=___
(Round to the nearest integer as needed.)

anonymous · Answer

@joyce153 Future Value formula?

anonymous · Answer

@Chlorophyll  yah

anonymous · Answer

i think the formula is $$FV=PMT \frac{ (1+i)^{n}-1 }{ i }$$

anonymous · Answer

$$12,000=600\frac{ (1+0.02)^{n}-1 }{ 0.02 }$$

anonymous · Answer

?

anonymous · Answer

Somehow my screen keeps jumping out of control :(

anonymous · Answer

I do $$12,000\div600=20$$that gives u$$20=\frac{ (1+0.02)^{n}-1 }{ 0.02 }$$

anonymous · Answer

You can simplify more by multiply 20 * .02

anonymous · Answer

1 + .02 = ....?

anonymous · Answer

ok i did log1.4/log1.02 & got 16.9912927

anonymous · Answer

n = 17 yrs 
Which means if you start deposit $600 with interest 2%, you'll get $12,000 in 17 yrs :)

anonymous · Answer

Deposit monthly!
@joyce153 Does it make sense?

anonymous · Answer

yes it does THX!!

anonymous · Answer

i'm having the same problem so it's ok.