Question: Please show how to solve this in a excel equation. Have answer just dont know how to get it. If you deposit $1,000 per year
Please show how to solve this in a excel equation. Have answer just dont know how to get it.
If you deposit $1,000 per year into an account that pays 11 percent interest, how long will it take to accumulate a balance of $20,000 ? [20,000 FV, -1,000 PMT, 11I/YR,N]=11.15 years; since interests are paid at the end of the year only, it would take 12 years
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
