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08-09-2020
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Faisal has $12,000 in his savings account and can save an additional $3600 per year. If interest rates are 12%, how long will it take his savings to grow to $47,000?

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Parrain Parrain

13-09-2020

Answer: 5.35 years

Explanation:

This question requires the use of the Number of periods utility on Excel called NPER.

Rate will be 12%

Pmt will be -3600

Pv will be -12000

Fv will be 47000

Then click okay.

It would take approximately 5.35 years.

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