You can afford monthly deposits of $270 into an account that pays 3.0% compounded monthly. How long will it be until you have $11,100 to buy a boat. Round to the next higher month.
Set up our accumulation expression:
270(1.03)^n = 11100
1.03^n = 41.1111111
Take the natural log of both sides
n * Ln(1.03) = 41.1111111
n = 3.71627843/0.0295588
n = 125.72 so round up to 126
Set up our accumulation expression:
270(1.03)^n = 11100
1.03^n = 41.1111111
Take the natural log of both sides
n * Ln(1.03) = 41.1111111
n = 3.71627843/0.0295588
n = 125.72 so round up to 126