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You have $9,000 and will invest the money at an interest rate of .29 percent per month until the account is worth $14,800. How many years do you have to wait until you reach your target account value?

Respuesta :

Answer:

14.31 years

Explanation:

In this question, we use the NPER formula that is shown on the attachment. Kindly find the attachment below:

Data provided in the question

Present value = $9,000

Future value = $14,800

PMT = $0

Rate of interest = 0.29% per month

The formula is shown below:

= NPER(Rate;PMT;-PV;FV;type)

The present value come in negative

So, after solving this, the NPER per month is 171.77

In years, it would be

= 171.77 ÷ 12 months

= 14.31 years

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