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You receive a ​$5 comma 000 check from your grandparents for graduation. You decide to save it toward a down payment on a house. You invest it earning 7​% per year and you think you will need to have ​$10 comma 000 saved for the down payment. How long will it be before the ​$5 comma 000 has grown to ​$10 comma 000 ​?

Respuesta :

Answer:

10.24 years      

Explanation:

For this question we use the NPER function that is shown on the attachment. Kindly find it below:

Data provided in the question

Present value = $5,000

Future value = $10,000

Rate of interest = 7%

PMT = $0

The formula is shown below:

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

The present value come in negative

So, after solving this, the answer would be 10.24 years

   

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