Saving problem

We want to save €25,000. We deposit €3,000 annually, and the interest is 4.4% (interest tax is 19%). How many years do we have to save?

Correct answer:

n =  8

Step-by-step explanation:

b=25000 eur a=3000 eur  n0=b/a=25000/3000=325=8318.3333  r1=4.4%=1004.4=0.044 r2=100%19%=110019=0.81  r=1+r1 r2=1+0.044 0.811.0356  x1=a r=3000 1.0356=2577673=31062523=3106.92 x2=(a+x1) r=(3000+3106.92) 1.03566324.5706 eur x3=(a+x2) r=(3000+6324.5706) 1.03569656.8983 eur x4=(a+x3) r=(3000+9656.8983) 1.035613107.9902 eur x5=(a+x4) r=(3000+13107.9902) 1.035616682.079 eur x6=(a+x5) r=(3000+16682.079) 1.035620383.5482 eur x7=(a+x6) r=(3000+20383.5482) 1.035624216.9379 eur x8=(a+x7) r=(3000+24216.9379) 1.035628186.9496 eur  n=8



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