Question
You have $4,622.87 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account
You have $4,622.87 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $200,000. You expect to earn 13% 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. This is a complicated equation that will require advanced algebra skills to solve for a variable that is an exponent. You are highly encouraged to use Excel (=NPER) or a Financial Calculator to solve this problem. Assume the investment is compounded yearly.
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