It is wise to set aside 10% of gross monthly income for 401 k investment. Assume the investment earns a 6% annual return (APR). Use Excel to determine the balance after 40 years for the unskilled worker and for your expected income. Then use Excel to determine how many years it would take for the unskilled worker and for your expected investment to reach $500,000. Your reflection paper should contain at least one statement comparing the value of the 401 k investment of the unskilled worker and for your expected salary. Explain in your reflection paper how Excel was used for these calculations. Your reflection paper should contain at least one statement comparing the time it would take for the 401 k investment of the unskilled worker and for your expected salary to reach $500,000.

I need to calculate this in excel without using the nper function. Our options of formulas are pmt, pv, fv