Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have $11,817.61 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account

You have $11,817.61 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account totals $240,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal?
image text in transcribed
the account. How many years will it take to reach your goal? Round your answer to the nearest whole number. 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

Step: 3

blur-text-image

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

Modern Internal Auditing Appraising Operations And Controls

Authors: Victor Z. Brink, Herbert N. Witt

4th Edition

0471080977, 978-0471080978

More Books

Students also viewed these Accounting questions

Question

Describe the appropriate use of supplementary parts of a letter.

Answered: 1 week ago