Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have $20,769.43 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account

image text in transcribed

You have $20,769.43 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $240,000. You expect to earn 11% annually on 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

Electronic Waste An Actual Gold And Silver Mine

Authors: Antonio Alcivar

1st Edition

979-8367641059

More Books

Students also viewed these Finance questions

Question

What do you see as your responsibilities?

Answered: 1 week ago

Question

Which of these activities are working well/not so well?

Answered: 1 week ago

Question

What challenges do you face in your current role?

Answered: 1 week ago