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17 March, 17:04

You have $11,000 and will invest the money at an interest rate of. 33 percent per month until the account is worth $17,200. How many years do you have to wait until you reach your target account value

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  1. 17 March, 17:12
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    1.5 years

    Explanation:

    The number of years for reaching the target value, it will be computed using the excel formula which is as:

    =Nper (Rate, pmt, pv, fv, type)

    where

    nper is number of years

    rate is 33%

    Pmt is monthly payment which is $0

    pv is present value which is - $11,000

    fv is future value which is $17,200

    type is 0

    So, putting the values above:

    =Nper (33%,0,-11000,17200,0)

    =1.5 years

    Therefore, the number of years it will take to reach the amount of $17,200 from investing $11,000 today is 1.5 years.
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