Floraâs car breaks down, leaving her stranded on the highway in the middle of rush hour. as more and more cars drive past her, f
1 answer:
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Answer:
17.48
Explanation:
For this question we use the NPER formula that is shown on the attachment. Kindly find it below:
In the first case,
Provided that
Present value = $500,000
Future value = $1,500,000
Rate of interest = 4%
The formula is shown below:
= NPER(Rate;PMT;-PV;FV;type)
The present value come in negative
So, after solving this, the number of years is 28.01 years
In the second case,
Provided that
Present value = $500,000
Future value = $1,500,000
Rate of interest = 11%
The formula is shown below:
= NPER(Rate;PMT;-PV;FV;type)
The present value come in negative
So, after solving this, the number of years is 10.53 years
So, the number of years after Eve retires is
= 28.01 years - 10.53 years
= 17.48 years
