After doing some budgeting, you estimate you'll need to save $25,000 for the first year of graduate school. You plan to save $450 per month in an account that earns 7% compounded monthly. How long will it take you to save the money you need?
Sum of annuity=S=$25000
Number of periods=n months
Rate of ...
Solution calculates the time period needed to meet the given financial objective.