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How can I solve this in ( excel ) to find the same solution (n=4.6 years ) ?? I want the steps how to solve
How can I solve this in ( excel ) to find the same solution (n=4.6 years ) ?? I want the steps how to solve in excel
1.40 A multinational engineering consulting firm that wants to provide resort accommodations to special clients is considering the purchase of a threebedroom lodge in upper Montana that will cost $250,000. The property in that area is rapidly appreciating in value because people anxious to get away from urban developments are bidding up the prices. If the company spends an average of $500 per month for utilities and the investment increases at a rate of 0.75% per month, how long would it be before the company could sell the property for $100,000 more than it has invested in it? Initial cost purchase =25000$ Rate of interest =0.75% per month Planing to jell more than 100000$ We know that Future worth =-purchase cost - (payment made monthly *time period)+amount (Iti)time period 100000=250000500n+250000(1+0.0075)n Let n=55 100000=25000050055+250000(1+0.0075)55 100000 is not equal 99566.5639 Now let n=55.2 month 100000=25000050055.2+250000(1+0.0075)55.2 100000 almost equal 100030.4745 n=55.2 month n55.2/12=4.6 yearsStep by Step Solution
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