This is my equation: 1716.16 * (1.005^(12*n) -1) / (0.005*1.005^(12*n)) = 165,54

Question

This is my equation:

1716.16 * (1.005^(12*n) -1) / (0.005*1.005^(12*n)) = 165,540

Please walk me thru this. The answer should be

n = 11

Thank you

Explanation / Answer

(1716.16/0.005 = 343232) Removing denominator (eg 1/x^2 --> x^-2) 343232. 1.005^(-12 n) (1.005^(12 n)-1) = 165540 Expand out terms of the left hand side: 343232.-343232. 1.005^(-12 n) = 165540 Subtract 343232. from both sides: -343232. 1.005^(-12 n) = -177692. Divide both sides by -343232.: 1.005^(-12 n) = 0.517702 Take the logarithm to the base 1.005 of both sides: -12 n = -132. Divide both sides by -12: n = 11.

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