Ask Experts Questions for FREE Help !
Ask
    selmamarla3's Avatar
    selmamarla3 Posts: 6, Reputation: 1
    New Member
    		  
    #1

    Mar 21, 2008, 07:00 AM
    Financial Goal
    How many years will it take to reach your goal if you deposit $42,180.53 in a brokerage account and you plan to add $5,000 at the end of every year until your account reaches
    $250,000. You expect to earn 12% annually?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Mar 22, 2008, 05:01 PM
    Between 16 and 17 years.
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #3

    Mar 8, 2009, 05:49 PM

    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
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Time to reach a financial goal [ 1 Answers ]

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?

Reaching a financial goal [ 2 Answers ]

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...

Reaching a financial goal [ 1 Answers ]

I have $42,180.53 in a brokerage account and I plan 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 my goal is to accumulate $250,000 in the account, how many years will it take me to reach this goal?

View more questions Search