sheiladenson1046 sheiladenson1046

09-06-2021
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You expect to receive a payout from a trust fund in 2 years. The payout will be for $12,400. You plan to invest the money at an annual rate of 7 percent until the account is worth $21,100. How many years do you have to wait from today

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andromache andromache

11-06-2021

Answer:

9.86 years

Explanation:

Given that

The Present value is $12,400

the future value is $21,100

The rate is 7%

The pmt is $0

The formula to compute the NPER is

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

AFter applying the above formula, the time period is

= 2+7.8567

= 9.8567 years

= 9.86 years

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