Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Question

1.13q

In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.) $3500 yearly at 7% to accumulate $100,000. [Input box] yr
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Transcribed Image Text:In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.) $3500 yearly at 7% to accumulate $100,000. [Input box] yr
Expert Solution
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Step 1

Time taken can be calculated using NPER function in excel.

=NPER(rate,pmt,pv,[fv],[type])

  • Rate The interest rate for the loan.
  • Nper  The total number of payments for the loan.
  • Pmt = payment per period
  • Pv    The present value
  • Fv  The future value
  • Type The number 0 (zero) or 1 and indicates when payments are due.
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