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Problem 4-5 Number of Periods of an Annuity You have $40,419.75 in a brokerage account, and you plan to deposit an additional $7,000 at the
Problem 4-5 Number of Periods of an Annuity
You have $40,419.75 in a brokerage account, and you plan to deposit an additional $7,000 at the end of every future year until your account totals $475,000. You expect to earn 8.8% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places.
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