How many years will it take you to accumulate $30,000 for a down payment on a house if you deposit $12,000 today and you expect
to earn a 10% annual return on your investment?
1 answer:
Answer:
9.61 years
Explanation:
For this question , we use the NPER formula that is presented in the attached spreadsheet
Given that,
Present value = $12,000
Future value = $30,000
Rate of interest = 10%
PMT = $0
The formula is shown below:
= NPER(Rate;PMT;-PV;FV;type)
The present value come in negative
So, after solving this, the answer is 9.61 years
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Please see attachment
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