Answer:
8.31 years
Explanation:
For this question, we have to calculate the number of years by applying the NPER formula which is attached in the attachment below:
Given that,
Present value = $800
Future value = $1,200
Rate of interest = 5%
PMT = $0
The formula is shown below:
= NPER(Rate,PMT,PV,-FV,type)
The present value come in negative
So, after solving this, the answer is 8.31 years
