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
percent interest, compounded annually?76.68 years79.69 years72.13 years80.57 years89.66 years
1 answer:
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
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The full diagram explaining the step be step procedure is in the attached image below.
