You want to know how many years it will take you to accumulate $1,216.65 if you invest $1,000.00 in an investment that pays annual interest at 4%.

a) Use the NPER function in Excel to calculate the number of periods if you invested $1,000 today in an investment that pays 4% and will accumulate $1,216.

b) Now use the present value or future value tables as shown in the text to calculate the number of years is will take.