You currently have $39,471.01 in an account that pays 5 percentinterest. You plan to deposit...

You currently have $39,471.01 in an account that pays 5 percent interest. You plan to deposit in this account $3581 at the end of each year until the account reaches $124578. How long would that take? Enter your answer in 4 decimals (e.g. 5.1234).

Solutions

Expert Solution

Number of years are calculated using the NPER function as follows:-

=NPER(rate,pmt,pv,fv)

=NPER(5%,-3581,-39471.01,124578)

=11.6576 years

jeff jeffy answered 2 years ago

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