Question

You have $59,167.93 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account totals $280,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.

Answer 1

- Current Present Value of brokerage account = $59,167.93

- Periodic annual deposit at the end of each year = $6,000

Future Value = $280,000

Calculating the number of years it will take to accumulate the future value:-

So, number of years it will take to reach goal is 11

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