Sew-It-Up originally invested $1,000 in a savings account. If it withdrew $41,400 and the investment was...

Sew-It-Up originally invested $1,000 in a savings account. If it withdrew $41,400 and the investment was earning an APR of 8%, how many years was its money invested?

PV =

PMT =

FV =

P/Y=

Solutions

Expert Solution

Calculating Time Period,

Using TVM Calculation,

N= [PV = -1,000, PMT = 0, FV = 41,400, I = 0.08]

N = 48.38 years

jeff jeffy answered 2 years ago

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