You have $42,180.53 in a brokerage account, and you plan to deposit an additional $5000 at the end of every future year until your account totals 250,000. You expect to earn 12 percent annually on the account. How many years will it take to reach your goal?


I am using a financial calculator and is having problems reaching the correct answer.

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