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Result in years and fv function to find target year sales

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Surmec, Inc. has sales of $2.1 million last year. The company's primary business line is manufacturing of nuts and bolts. Since this is a mature industry, the analysts are certain that the sales will grow at a steady rate of 7 percent a year for as far as they can tell. The company reports net income that represents 23 percent of sales. The management would like to buy a new fleet of trucks, but can only do so only once the profit reaches $620,000 a year.

It is wanting me to use the NPEG function to find the Result in Years and FV function to find the Target Year Sales.

Reference no: EM131332110

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