How long will it take Eniola to save $5,000 if she started with $500 and found a rate of 6. 2%? Round to the nearest whole numbe

Question

3 years ago

15

r

1 answer:

konstantin123 [22] · Answer 1 · 2022-12-16T22:43:24+03:00

Answer:

38.28 years

Step-by-step explanation:

The computation of the time period is shown below:

Given that

RATE = 6.2%

PV = $500

PMT = $0

FV = $5,000

The formula is shown below:

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

After applying the above formula, the time period is 38.28 years

Hence, in order to save $5,000 it would take 38.28 years