How to work this problem in excel
You currently have $13,820 in an investment account, with plans to liquidate the account during a period when equipment purchases will need to be funded during the off-season.
a. How long (in years or NPER) will you have to wait until your account is worth $24,000 if you can earn an annual return of 7.5 percent, with interest paid only once, at the end?
b. What is the length of time if you can have the interest compound monthly? You will need to divide the annual return by 12 when using Excel, and then with your answer, divide it by 12 to get the number of years.