You just won $30,000 and deposited your winnings into an account that pays 3.9 percent interest, compounded annually. How long w
ill you have to wait until your winnings are worth $75,000?21.24 years25.00 years22.29 years22.67 years23.95 years
1 answer:
Answer:
23.95 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 = $30,000
Future value = $75,000
Rate of interest = 3.9%
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 23.95 years
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