Question

We deposit $ 18500 into an account earning 2 % interest compounded semiannually. How many years will it take for the account to grow to $ 46250

Answer 1

the number of years or NPER is 46 years

Step-by-step explanation:

The computation of the number of years or NPER is shown below:

Given that

PV = $18,500

RATE = 2% ÷ 2 = 1%

FV = $46,250

PMT = $0

The formula is shown below:

= NPER(RATE,PMT,-PV,FV,type)

After applying the above formula, the number of years is 46 years

hence, the number of years or NPER is 46 years

The same is to be considered