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

Question

1 Approved Answer

You have $49,894.67 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account

image text in transcribed
You have $49,894.67 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $280,000. You expect to earn 14% 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. 11 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

Auditing An Assertions Approach

Auditing An Assertions Approach

Authors: G. William Glezen, Donald H. Taylor

7th Edition

047113421X, 978-0471134213

More Books

Students also viewed these Accounting questions

Question

★★★★★
One of the accounting staff of Timber Lake Co. developed the following example to encourage the use of the LIFO method. In a nutshell, LIFO subtracts inflation from inventory costs, deducts it from...

Answered: 1 week ago

Question

★★★★★
The S&P 500 index is at 1,371.00, the continuously compounded risk-free rate is 5.12 percent, time to expiration is 55 days, and futures price is1,376.42. Assuming the futures price is equal to its...

Answered: 1 week ago

Question

★★★★★
=+d) Which class had the smallest standard deviation?

Answered: 1 week ago

Question

★★★★★
The five most popular art museums in the world are Muse du Louvre, the Metropolitan Museum of Art, British Museum, National Gallery, and Tate Modern (The Art Newspaper, April 2012). Which of these...

Answered: 1 week ago

Question

★★★★★
YVCF is in the process of assessing the attractiveness of a new project. The project has an estimated life of four years. Revenues, costs and investments are as follows: Sales = 75,000 units/year,...

Answered: 1 week ago

Question

★★★★★
IC SUPPORT Use a calculator, spreadsheet, or another tool to solve for the unknown sides of the given right triangle. The length of the hypotenuse is 10. a is the length of the side opposite the 10...

Answered: 1 week ago

Question

★★★★★
View Policies Current Attempt in Progress The current sections of Sunn Inc's balance sheets at December 31, 2021 and 2022, are presented here. Sunn's net income for 2022 was $153,000. Depreciation...

Answered: 1 week ago

Question

★★★★★
Two factories I and II produce phones for brand ABC. Factory I produces 60% of all ABC phones and Factory II produces 40%. 10% of the phones from Factory I are defective, and 20% of those produced by...

Answered: 1 week ago

Question

★★★★★
At the beginning of the year, Sandhill Company had total assets of $883,000 and total liabilities of $368,000. Answer the following questions. (a) If total assets increased $151,000 during the year...

Answered: 1 week ago

Question

★★★★★
Michael participates in several motocross races. He has won 8 more silver medals than gold medals. The number of bronze medals he has won is half that of the silver medals. If he has won 27 medals in...

Answered: 1 week ago

Question

★★★★★
Which of the following items is reported in accumulated other comprehensive income? Cumulative foreign exchange translation loss Unrealized foreign exchange transaction gains Foreign exchange...

Answered: 1 week ago

Question

★★★★★
Identify the major phases of the training and HRD process

Answered: 1 week ago

Question

★★★★★
Describe two primary types of outcomes that may result from behavior and tell how they may influence future behavior

Answered: 1 week ago

Question

★★★★★
What actions should Mr. Jameson have taken to avoid his current predicament?

Answered: 1 week ago

Previous Question Next Question