Problem $02\mathrm{.}054-$ Calculation of unknown project life

RKE & Associates is considering the purchase of a building it currently leases for $$30,000$ per year. The owner of the building put it up for sale at a price of $$170,000,$ but because the firm has been a good tenant, the owner offered to sell it to RKE for a cash price of $$160,000$ now. If purchased now, how long will it be before the company recovers its investment at an interest rate of $7\%$ per year? Solve by using the NPER function.

The company will recover its investment in years.