You want to purchase a new car, and you are willing to pay $24,158. If you can invest at 10% per year and you currently have $15

Question

3 years ago

10

,000, how long will it be before you have enough money to pay cash for the car? in years

1 answer:

Elza [17] · Answer 1 · 2022-08-11T00:43:25+03:00

Answer:

5 years

Explanation:

In this question we use the NPER formula which is shown in the attachment below:

Given that,

Present value = $15,000

Future value = $24,158

Rate of interest = 10%

PMT = $0

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 5 years