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
<span>We know that
there is no universal acceptance meaning of a percentile. When someone told you
that you are in the 80th percentile, the meaning of that is you
have achieved the lowest score that is greater than 80 percent of the score. It is calculated by using the formula <span>R = P/100 x (N + 1)</span></span>
