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1 answer:
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Answer:
6.33 years
Explanation:
In this question, we determine the NPER or the time period that is shown in the attached spreadsheet
Given that,
Present value = (9% × $1,000) ÷ (8.75%) = $1,028.57
Assuming figure Future value = $1,000
Rate of interest = 8.4%
PMT = $1,000 × 9% = $90
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 6.33 years
