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You expect to receive $20,000 at graduation two years from now. You plan on investing it...

You expect to receive $20,000 at graduation two years from now. You plan on investing it at 11% until you have 100,000. How long will you wait from now? Using Excel Functions

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Answer #1
Money to be received after 2 year= 20000
Interest rate = 11%
Future value reqiured = 100000
We have to compute number of year
using excel formula =NPER(11%,0,-20000,100000,0)
Number of year       15.42 year
Since we started investment after 2 year therefore
Time required from today = 15.42+ 2=       17.42 year
Ans =       17.42
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