I've recently come across the follow formula for calculating future value with reoccurring deposits formula. However, I have been unable to solve for t. I essentially want to find how long it will take to earn a million dollars (the future value). Any ideas on this formula or how to go about finding it?
- p = initial value = 2500
- n = compounding periods per year = 12
- r = nominal interest rate, compounded n times per year = 4% = 0.04
- i = periodic interest rate = r/n = 0.04/12 = 0.00333333
- y = number of years = 5
- t = number of compounding periods = n*y = 12*5 = 60
- d = periodic deposit = 100