You have $1,500 today in your savings account. How long must you wait for your savings to be worth $4,000 if you are earning 1.1

Question

3 years ago

12

percent interest, compounded annually?76.68 years79.69 years72.13 years80.57 years89.66 years

1 answer:

marta [7] · Answer 1 · 2022-05-09T16:13:50+03:00

Answer:

89.66 years

Explanation:

In this question, we use the NPER formula which is shown in the spreadsheet.

The NPER represents the time period.

Given that,

Present value = $1,500

Future value = $4,000

Rate of interest = 1.1%

The formula is shown below:

= NPER(Rate;PMT;-PV;FV;type)

The present value come in negative

So, after solving this, the answer would be 89.66 years