Using Excel
Present Value = $27,526.09
Future Value = $35,373.48
Interest Rate = 4.37%/year paid semiannually=4.37%/2 per period
Number of periods = NPR
NPR=( int/period,payment,pv,fv) = 11.60450938 periods
= 5.802254691 years.
Mort M.
tutor
Jack, I don't know why it's 6.0 years. I'm really confident in the results we both achieved. Semantically the answer said how many years so if the questioner was being "cute" the in WHOLE years then obviously 6 would be correct.
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07/17/20
Jack L.
I had the same answer but however the I put 5.8years and it was wrong. it says the answer have to be super specific. The answer was 6.0 years..... and I don't even know why i got wrong.07/17/20