I have a question that seems basic but has given me fits. If I have the following known variables, how do I solve for the growth rate?
- initial payment
- outstanding balance
- number of periods
I need to solve for growth rate of payment where the cumulative value equals the outstanding balance... assume a zero discount rate (i.e. interest free)
If I have a goal to save 20k in cash, and my initial saving per period is 1k, what is the growth rate per period required to reach 20k if I only make 17 deposits?