You have $45,589.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $280,000.

You have $45,589.25 in a brokerage account, and you plan to deposit an additional $5,000 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 the nearest whole number.

Solutions

Expert Solution

We have to use financial calculator to solve this
put in calculator

FV	280000
PV	-45589.25
PMT	-5000
I	10%

compute N	13.00

Therefore answer =	13 years

jeff jeffy answered 1 year ago

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