Use the future value formula to find the indicated value FV=5,000; i = 0.03; PMT = $400; n=? n= (Round up to the nearest integer as needed)

Essentials Of Investments
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ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Use the future value formula to find the indicated value FV=5,000; i = 0.03; PMT = $400; n=? n= (Round up to the nearest integer as needed)
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Step 1

Data given:

FV= $ 5000

i= 0.03

PMT = $ 400

 

Required:: n

 

Formula to be used ::

FV= PMT*(1+i)n-1i

 

 

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