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2 years ago

how long will it take 13,000 to grow to 18,000 if the investment earns at the interest rate of 3% compunded monthly

Business

1 answer:

kondaur [170]2 years ago

4 0

Answer:

130 months

Explanation:

The computation of the time period is shown below:

Given that

Present value = $13,000

Future value = $18,000

PMT = $0

RATE = 3% ÷ 12 = 0.25%

The formula is shown below:

= NPER(RATE;PMT;-PV;FV;TYPE)

The present value comes in positive

After applying the above formula, the time period is 130 months

Therefore the time that should be needed is 130 months

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