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  • Jan 21, 2008, 10:05 AM
    yliu17490
    Time to reach a financial goal
    You have $42180.53 in a brokerage accuont, and you plan to deposit an additional $5000 at the end of every future year until your account totals $250000. You expect to earn 12 percent annually on the account. How many years will it take to reach your goal?
  • Mar 8, 2009, 06:03 PM
    ROLCAM

    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

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