contestada

Jaxon invested $4,500 in an account paying an interest rate of 4.6% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $9,750?

Respuesta :

Answer: 17

Step-by-step explanation

The number of years that should be taken is 17 years.

Given that,

  • The invested amount is $4,500.
  • The rate of interest is 4.6%.
  • The future value be $9,750.
  • The monthly payment is $0.

The following formula be used:

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

After applying the above formula, the number of years be 17

Therefore we can conclude that The number of years that should be taken is 17 years.

Learn more about the rate of interest here: brainly.com/question/13324776

Ver imagen andromache

Otras preguntas