Question

You have $5,995.14 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account totals $280,000. 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

Answer 1

It will take 15 Years to reach 280,000
Time	Opening Balance	Interest	Total Balance	Deposits	Closing Balance
1.00	5,995.14	779.37	6,774.51	6,000.00	12,774.51
2.00	12,774.51	1,660.69	14,435.19	6,000.00	20,435.19
3.00	20,435.19	2,656.58	23,091.77	6,000.00	29,091.77
4.00	29,091.77	3,781.93	32,873.70	6,000.00	38,873.70
5.00	38,873.70	5,053.58	43,927.28	6,000.00	49,927.28
6.00	49,927.28	6,490.55	56,417.83	6,000.00	62,417.83
7.00	62,417.83	8,114.32	70,532.14	6,000.00	76,532.14
8.00	76,532.14	9,949.18	86,481.32	6,000.00	92,481.32
9.00	92,481.32	12,022.57	104,503.90	6,000.00	110,503.90
10.00	110,503.90	14,365.51	124,869.40	6,000.00	130,869.40
11.00	130,869.40	17,013.02	147,882.42	6,000.00	153,882.42
12.00	153,882.42	20,004.72	173,887.14	6,000.00	179,887.14
13.00	179,887.14	23,385.33	203,272.47	6,000.00	209,272.47
14.00	209,272.47	27,205.42	236,477.89	6,000.00	242,477.89
15.00	242,477.89	31,522.13	274,000.01	6,000.00	280,000.01