FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5. TIME TO REACH A FINANCIAL GOAL You have $56,899.31 in a brokerage account, and you plan to deposit an additional $3,000 at the end

5.

TIME TO REACH A FINANCIAL GOAL

You have $56,899.31 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $270,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.

years

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Technical Analysis Of The Financial Markets

Technical Analysis Of The Financial Markets

Authors: John J. Murphy

1st Edition

0735200661, 978-0735200661

More Books

Students also viewed these Finance questions

Question

★★★★★
A commercial bakery' has recorded sales (in dozens) for three products during the last 15 workdays: a. Plot the three time series variables to determine their pattern. b. Forecast workday 16 sales...

Answered: 1 week ago

Question

★★★★★
Adjustments for depreciation and amortization are made based on the following convention: a the matching convention b the realization convention c the recognition convention d none of the above

Answered: 1 week ago

Question

★★★★★
In Example 7.20, show that if F is exponential with rate , then Average Number Waiting = E[N] That is, when buses arrive according to a Poisson process, the average number of people waiting at the...

Answered: 1 week ago

Question

★★★★★
First Bank has some question as to the tax-free nature of $5 million of its municipal bond portfolio. This amount is excluded from First Bank's taxable income of $55 million. Management has...

Answered: 1 week ago

Question

★★★★★
Your employer, a midsized human resources management company, is considering expansion into related fields, including the acquisition of Temp Force Company, an employment agency that supplies word...

Answered: 1 week ago

Question

★★★★★
Generic macaroni and cheese is an inferior good. Demand for generic macaroni and cheese is likely to increase wher the price of premium macaroni and cheese decreases. the price of generic macaroni...

Answered: 1 week ago

Question

★★★★★
On the Capella library's website on selecting a database, they provide an overview of the databases available through the university library. There are certain collections that are considered _______...

Answered: 1 week ago

Question

★★★★★
The question "What is the organization's mission?" is most closely tied to which task below? Question 7Answer a. Assess relationships with revenue sources. b. Search for cultural artifacts. c....

Answered: 1 week ago

Question

★★★★★
Given a rectangular hollow box with outer dimensions 125mm x 85mm and constant thickness of 10mm has an ultimate stress of 415 MPa. Modulus of Elasticity of 110 GPa. a. Determine the bending moment M...

Answered: 1 week ago

Question

★★★★★
"Political, economic, and legal environments of country clearly influence the attractiveness of that country as a market or investment site". Do you agree with this statement? Discuss. And explain...

Answered: 1 week ago

Question

★★★★★
Angie sees a sign on the counter of her local gym which says " No-one is allowed to use the equipment if they have not paid current gym fees ". This is an example of:

Answered: 1 week ago

Question

★★★★★
Can the influencing process really be conducted ethically and in a way that meets the goal of human relations, or is it just manipulation?

Answered: 1 week ago

Question

★★★★★
Think of a past, present, or future negotiation situation. Describe the situation and state what you can ask for in return if you dont get your target.

Answered: 1 week ago

Question

★★★★★
In bargaining, does it really matter who makes the first offer?

Answered: 1 week ago

Previous Question Next Question