Question

In: Finance

You have $7,933.71 in a brokerage account, and you plan to deposit an additional $4,000 at...

You have $7,933.71 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $200,000. You expect to earn 14% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.

Solutions

Expert Solution

PV = $7,933.71
PMT = $4000
FV = $200,000
Rate = 14%

Number of years can be calculated by using the following excel formula:
=NPER(rate,pmt.pv,fv)
=NPER(14%,4000,-7933.71,200000)
= 18.35 years or 18 years

Number of years it will take to reach your goal = 18 years


Related Solutions

You have $30,637.17 in a brokerage account, and you plan to deposit an additional $4,000 at...
You have $30,637.17 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $270,000. You expect to earn 13% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations. ____ years
You have $32,827.07 in a brokerage account, and you plan to deposit an additional $4,000 at...
You have $32,827.07 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $290,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.
You have $51,106.03 in a brokerage account, and you plan to deposit an additional $3,000 at...
You have $51,106.03 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $250,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal?
You have $78,653.11 in a brokerage account, and you plan to deposit an additional $3,000 at...
You have $78,653.11 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $280,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.
You have $7,115.21 in a brokerage account, and you plan to deposit an additional $5,000 at...
You have $7,115.21 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $270,000. You expect to earn 14% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.
You have 42,180.53 in a brokerage account, and you plan to deposit and additional 5,000 at...
You have 42,180.53 in a brokerage account, and you plan to deposit and additional 5,000 at the end of every future year until your account total 250,000. you expect to earn 12% annually on the account. How many years will it take to reach your goal?
You have $4,311.89 in a brokerage account, and you plan to deposit an additional $5,000 at...
You have $4,311.89 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $210,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal?
1. You have $10,026.61 in a brokerage account, and you plan to deposit an additional $5,000...
1. You have $10,026.61 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $220,000. You expect to earn 11% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations. ____ years 2. An investment will pay $150 at the end of each of the next 3 years, $250 at...
You have $75,148.17 in a brokerage account, and you plan todeposit an additional $3,000 at...
You have $75,148.17 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $270,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.
You have $45,589.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $280,000.
You have $45,589.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $280,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT