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  • Jul 3, 2007, 05:54 PM
    zrhodes
    Financial Management
    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?
  • Jul 5, 2007, 11:07 AM
    imann
    Quote:

    Originally Posted by zrhodes
    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?

    I calculate that it will take him 11 years not considering inflation or taxes. I used my Quicken financial calculator to come up with this number.

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