Shelby currently has 13,800 dollars saved and plans to make annual savings contributions of 12,200 dollars....

Shelby currently has 13,800 dollars saved and plans to make annual savings contributions of 12,200 dollars. Her first annual savings contribution is expected in 1 year. Shelby expects to earn 3.06 percent per year. How many contributions of 12,200 dollars does Shelby need to make in order to have 122,497 dollars?

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Expert Solution

Current Savings	13,800
Annual Deposits	12,200
Rate	0.03060
No. of Years	8
Final Wanted Amount	122,497

Using Goal Seek Formula in Excel, We find that it will take 8 years for Shelby to get to 122497 dollars.

jeff jeffy answered 1 year ago

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