You have $1,500 today in your savings account. how long must you wait for your savings to be worth $4,000 if you are earning 1.1 percent interest, compounded annually? 76.68 years79.69 years72.13 years80.57 years89.66 years

89.66 years

Explanation:

In this question, we use the NPER formula which is shown in the spreadsheet.

The NPER represents the time period.

Given that,

Present value = $1,500

Future value = $4,000

Rate of interest = 1.1%

The formula is shown below:

= NPER(Rate;PMT;-PV;FV;type)

The present value come in negative

So, after solving this, the answer would be 89.66 years

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