Can someone please show me how to solve this using the NPER formula on excel or let me know if this is the right formula to use?

(Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow sixfold if it were invested at 16 percent compounded monthly? Assume that you invest $1 today. . If you invest $1 at 16 percent compounded monthly, about how many years would it take for your investment to grow sixfold to $6? (Hint: Remember to convert your calculator solution to years.) years (Round to one decimal place.) = Homework: Unit 4 La... Question 16, P5-24 (simi... HW Score: 95%, 19 of 20 points X Points: 0 of 1 O Save (Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow threefold if it were invested at 9 percent compounded monthly? Assume that you invest $1 today. .... If you invest $1 at 9 percent compounded monthly, about how many years would it take for your investment to grow threefold to $3? (Hint: Remember to convert your calculator solution to years.) years (Round to one decimal place.) NPER fx =NPER() L M N 0 P Q Formula Builder =NPER() Show All Functions NPER Rate = number Ek Pmt = number PV = number k 0 1 2 3 4 5 6 7 3 Fy = number Type = number Result: {...} Done 0 1 2 3 4 5 6 7 fx NPER Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate. 9 1 2 3 4 5 Syntax NPER(rate,pmt,pv,fv,type) Rate: is the interest rate per period. For example, use 6%/4 for quarterly payments at 6% APR