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.

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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