[yliu17490]

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?

[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