I have to solve this for my homework.
The question goes like: If you get an income of 1 million USD per year. And each consecutive year your income increases by 10% than the previous year. How many years will it take for you to save up a total of 1 billion USD if you save 20% of your yearly income each year in a piggy bank.
And I’m suppose to solve it with a single formula, where i plug in 1 million, 10%, 1 billion, 20%, and get the amount of years it will take after solving it.
Edit. Basically the best I’ve been able to solve it is by doing it on excel. I basically make one column (A) starting with 1 million then each row increasing by 10%. Then the column (B) next to that as 20% of the Box in the same row as it in column A plus the number above it. And the just seeing how many rows it takes until it reaches a number just above 1 billion.
I’m not sure how to condense it all into 1 formula where it the result is a integer of how many years it’ll take until it reaches the desired number.