Question

You currently have $800, and you need $1,200 to rent an apartment. If you are investing at a rate of 5%, how long will it be before you can move?

Answer 1

Answer:

8.31 years

Explanation:

For this question, we have to calculate the number of years by applying the NPER formula which is attached in the attachment below:

Given that,  

Present value = $800

Future value = $1,200

Rate of interest = 5%

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 8.31 years