Answer:
the time period is 38.28 years
Step-by-step explanation:
The computation of the time period is shown below:
Given that
RATE = 6.2%
PV = $500
PMT = $0
FV = $5,000
The formula is shown below:
= NPER(RATE;PMT;-PV;FV;TYPE)
After applying the above formula, the time period is 38.28 years
Hence, in order to save $5,000 it would take 38.28 years
