In order to cover upfront expenses, Pinecrest Enterprises must be able to come up with $50 million of its own capital reserves. Presently, Pinecrest has $37 million in capital reserves available, and can add $1.5 million per month .
After how many months will Pinecrest Enterprises meet the reserve requirement? Round up to the next month.
OOPS
8
HINT
Find the formula for the amount the company has after n months. Hint: this can be expressed using an arithmetic sequence. Then, solve the appropriate equation when using this formula. Note that since the payments are made monthly, your answer must be an integer value.
2 answers
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I don’t know how to set this problem up.
1 answer