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.

Solutions

Expert Solution

Calculations-

Where,

Rate = Periodic Interest rate

Nper = No. of periods

pmt = periodic payments

PV= Amount Invested

FV = Future value of amount invested

Type= 0 if the amount paid at the end of period,1 if paid at the beginning.

As no method was mentioned I have solved the problem using excel function

.Please upvote if the answer is helpful.In case of doubt,do comment.Thanks.

jeff jeffy answered 1 year ago

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