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.

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

jeff jeffy answered 2 years ago

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