Question 15:

For a lump sum investment of ￥250,000 invested at a stated annual rate of 3% compounded daily, the number of months needed to grow the sum to $1,000,000 is closest to ：

The correct answer is A. 555

However, the numbers don’t add up if I use the following formula:

In this N is “how many years required”. The textbook states the answer is 46.21 years (equivalent to 555 months). But if we replace 46.21 with N in the above formula, the equation is incorrect.

This is killing me… anyone can help please?