Suppose you deposit $1,493.00 into an account today that earns 6.00%. It will take__years for the...

Question

Question

Answer 1

Answer #1

Number of years have been calculated using the NPER function in excel as follows:-

=NPER(rate,pmt,pv,fv)

=NPER(6%,,-1493,2885)

=11.31

Wherein,

rate is rate of return,

pv is present value,

fv is future value

Answer 2

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