You expect to receive $9,100 at graduation in 2 years. You plan on investing this money...

You expect to receive $9,100 at graduation in 2 years. You plan on investing this money at 9.03 percent per year until you have $50,000. How many years from today will it be until this occurs?

Group of answer choices

19.7 years

25.3 years

23.3 years

21.7 years

Expert Solution

Calculations-

Here,
Fv is the future value of amount invested
rate is the periodic interest rate
nper is no. of periods
pmt is the periodic payments
Pv is the present value of investmet
type = 0 if the amount is paid at the end of the year ,1 if it is paid at the beginning. Please upvote if the ans is helpful.In case of doubt,do comment.Thanks.

jeff jeffy answered 2 years ago

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You expect to receive $9,100 at graduation in 2 years. You plan on investing this money...

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