Question

Sophia invested $13,480 into an account that earns 3.34% interest compounded monthly. How long will it take (in years and days) to accumulate to $19,750. Round up the value of N to the next higher whole number (e.g. N = 5.31 rounds up to N = 6), similarly days are rounded up to the next days. If years is a whole number, you must enter a zero for days for the answer to be marked as correct. All answer boxes must have an entry! P/Y - C/Y = N = I/Y = PV = $ PMT - $ FV - $ Years = Days -

please help

Answer 1

2) N = number of months to find, calculated 12 below as 77 P/Y= O C/Y = 1/Y = 31% PV= $ 25000 PMT= O FV = $ 30257.3 Years = to find, calculated below as 7 Use "NPER" formula in excel to solve the above: NPER(rate (3%/12=0.0025), PMT (O), PV (-25000), FV (30257.3), 0) =NPER(0.0025,0,-25000, 30257.3,0) NPER(rate, pmt, pv, [fv], [type]) =76.44 N=77 months Years = 77 months/12 months = 7 years