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.

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Expert Solution

We need to find the number of years (N) to reach our goal such that:

PV = 75,148.17

PMT = 3,000

FV = -270,000

N = 1

CPT N

N = 10.99

It takes 11 years to reach the goal.

jeff jeffy answered 2 years ago

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