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A basket of groceries increased at a rate of 4.28% a year, from $605 to $1000....

A basket of groceries increased at a rate of 4.28% a year, from $605 to $1000. what is the length of time over which the change in prive was measured.

explain

Solutions

Expert Solution

The time period is calculated using the NPER function as follows:

=NPER(rate,pmt,pv,fv)

=NPER(4.28%,0,-605,1000)

=11.99 years or 12(rounded off)

jeff jeffy answered 3 years ago
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