John Roberts has $42,180.53 in a brokerage account, and he plans to contribute an additional $5,000 to the account at the end of every year. The brokerage account has an expected annual return of 12 percent. If John’s goal is to accumulate $250,000 in the account, how many years will it take for John to reach his goal?

About 15 years

You reach your goal at the end of the 11th year.

See Schedule:-

YEAR
1 42,180.53 47,242.19
2 52,242.19 58,511.25
3 63,511.25 71,132.60
4 76,132.60 85,268.51
5 90,268.51 101,100.73
6 106,100.73 118,832.82
7 123,832.82 138,692.76
8 143,692.76 160,935.89
9 165,935.89 185,848.20
10 190,848.20 213,749.98
11 218,749.98 244,999.98
12 249,999.98