Answer:
1.5 years
Explanation:
The number of years for reaching the target value, it will be computed using the excel formula which is as:
=Nper(Rate,pmt,pv,fv,type)
where
nper is number of years
rate is 33%
Pmt is monthly payment which is $0
pv is present value which is -$11,000
fv is future value which is $17,200
type is 0
So, putting the values above:
=Nper(33%,0,-11000,17200,0)
=1.5 years
Therefore, the number of years it will take to reach the amount of $17,200 from investing $11,000 today is 1.5 years.
