You have $32,827.07 in a brokerage account, and you plan to deposit an additional $4,000 at...

You have $32,827.07 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $290,000. You expect to earn 12% 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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Answer : 14 years

we are given present value = PV = 32837.07.

we also deposit 4000 per year, so it will become PMT.

we need future value of 290000, so it will become FV.

jeff jeffy answered 2 years ago

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