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How many years will it take you to accumulate $30,000 for a down payment on a house if you deposit $12,000 today and you expect to earn a 10% annual return on your investment?

Respuesta :

Answer:

9.61 years

Explanation:

For this question , we use the NPER formula that is presented in the attached spreadsheet

Given that,  

Present value = $12,000

Future value = $30,000

Rate of interest = 10%

PMT = $0

The formula is shown below:

= NPER(Rate;PMT;-PV;FV;type)

The present value come in negative

So, after solving this, the answer is 9.61 years

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