Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have $7,293.55 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 $7,293.55 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account totals $200,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.

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

Financial Management

Authors: Geoffrey Knott

4th Edition

1403903824, 9781403903822

More Books

Students also viewed these Finance questions