So do you need it as a percent or a fraction?
Answer:
Hey
Step-by-step explanation:
Answer:
20.4 years
Step-by-step explanation:
The nper formula in excel comes handy in this scenario:
=nper(rate,pmt,-pv,fv)
Rate is the monthly rate of 5.4%/12
Assuming actual investment is $5,000 which is pv
The triple amount would be $5,000*3=$15,000 which is future value fv.
pmt is the regular cash flow the investment which is zero
=nper(5.4%/12,0,-5000,15000)= 244.68 months
Yearly it can be expressed as = 244.68/12 =20.39 years
When rounded to one decimal place it becomes 20.4 years
Answer:
A)1050
B)8050
Step-by-step explanation:
to find interest we use the formula A= P(1+rt) where P is the initial investment, r is the rate percent, and t is the time interval
for this question we have A=7000(1+3(5)) which gives 8,050 dollars which is the answer to part B
for part A we simply subtract the answer from B from the initial investment so 8050 - 7000 = 1050 made from interest