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months = solve('(1 + (0.05)/12)ˆn = 2')
years = months/12
months =
166.70165674865177999568182581405
years =
13.891804729054314999640152151171
months = solve('(1 + (0.1)/12)ˆn = 2')
years = months/12
months =
83.523755900375880189555262964714
years =
6.9603129916979900157962719137262
If you double the interest rate, you roughly halve the time to achieve the
goal.
(e)
solve('1000000 = S*((((1 + (0.08/12))ˆ(35*12 + 1) -
1)/(0.08/12)) - 1)')
ans =
433.05508895308253849797798306477
You need to deposit $433.06 every month.
(f)
solve('1000000 = 300*((((1 + (0.08/12))ˆ(n + 1) -
1)/(0.08/12)) - 1)')
ans =
472.38046393034711345013989217261
ans/12
ans =
39.365038660862259454178324347717
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