Look again at the equation. The log of the indicated time is multiplied by 1.62 and added to the log of the correction at 1 second indicated time to get the log of the correction. The answer is "No".
To convert that equation to one that can be solved quickly on a TI-30 pocket calculator (cost about $20) : tm is indicated exposure time. tc is amount to be added to indicated time. tc,1 is correction to be applied to a 1 second tm. tr is exposure time adjusted for reciprocity failure. Then,
tr = tc,1*(tm^1.62) + tm
The * is what shows when you press the multiply key. The ^ means "raised to the power"