Question

How would you find the amount of years it would take to save "x amount" by only inputing the initial investment, annual contribution and the interest rate.

Answer 1

Your question is based on the understanding of the FV(Future value).

If the initial investment = I

Annual contribution = A

intrest rate = r

From this equation , find the value of t.

The above can be solved in a financial calculator or by taking approximations or by trail and error method.

A is multiplied by t-1 , because we are assuming that the annual contributions start from the first year.

I hope this helps .If you have any query , put it in the comments.I will provide you further clarification.

Have a nice day :)