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Correctly set up an NPER function, assuming you are solving for how many years it will take to pay off a loan. You do not have to do the calculations-just set up the formula based on the facts below:
• NPER(rate,pmt,pv,fv,type)
• The rate per year is 3.5% compounded quarterly.
• The payment (pmt) is -$25,000 per quarter.
• The present value (pv) is $400,000 because the bank has offered to fund all of the capital required for the project.
• The future value (fv) is assumed to be $0 because no mention is made of any residual amounts owed at the end of the loan.
• The type argument is assumed to be the default 0.
Mutual Fund
An investment vehicle made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments, and other assets.
Deposit
A sum of money placed into an account or given to a party as security for the fulfillment of a contract.
Return
The gain or loss on an investment over a specific period, typically expressed as a percentage of the investment's initial cost.
Annuity
An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees.
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