Question

You have $26,261.67 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $250,000. 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.

Answer #1

We use the formula:

A=P(1+r/100)^n

where

A=future value

P=present value

r=rate of interest

n=time period.

Hence future value of $26,261.67 is equal to

=26,261.67*(1.13)^n

Also:

Future value of annuity=Annuity[(1+rate)^time period-1]/rate

=$3000[(1.13)^n-1]/0.13

Hence

250000 =26,261.67*(1.13)^n+$3000[(1.13)^n-1]/0.13

250,000=26,261.67*(1.13)^n+23076.92308[(1.13)^n-1]

250,000=26,261.67*(1.13)^n+23076.92308*(1.13)^n-23076.92308

(250,000+23076.92308)=(1.13)^n[26,261.67+23076.92308]

273076.92308=(1.13)^n*49338.59308

(1.13)^n=(273076.92308/49338.59308)

(1.13)^n=5.534752939

Taking log on both sides;

n*log (1.13)=log5.534752939

n=log5.534752939/log 1.13

=**14 years(Approx).**

You have $34,717.34 in a brokerage account, and you plan to
deposit an additional $3,000 at the end of every future year until
your account totals $260,000. 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.

You have $23,783.37 in a brokerage account, and you plan to
deposit an additional $3,000 at the end of every future year until
your account totals $270,000. 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.
____ years

You have $21,632.69 in a brokerage account, and you plan to
deposit an additional $6,000 at the end of every future year until
your account totals $250,000. You expect to earn 10% 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.

You have $31,525.75 in a brokerage account, and you plan to
deposit an additional $5,000 at the end of every future year until
your account totals $230,000. 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.

You have $46,030.32 in a brokerage account, and you plan to
deposit an additional $4,000 at the end of every future year until
your account totals $230,000. You expect to earn 10% 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.

You have $23,199.50 in a brokerage account, and you plan to
deposit an additional $4,000 at the end of every future year until
your account totals $200,000. You expect to earn 10% 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.
years

You have $13,037.39 in a brokerage account, and you plan to
deposit an additional $4,000 at the end of every future year until
your account totals $200,000. You expect to earn 11% 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.
years

You have $21,393.30 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 two decimal places at the end of the
calculations.
_______years

You have $33,749.85 in a brokerage account, and you plan to
deposit an additional $4,000 at the end of every future year until
your account totals $250,000. You expect to earn 10.2% annually on
the account. How many years will it take to reach your goal? Round
your answer to the nearest whole number.

You have $50,176.72 in a brokerage account, and you plan to
deposit an additional $7,000 at the end of every future year until
your account totals $400,000. You expect to earn 11.8% annually on
the account. How many years will it take to reach your goal? Round
your answer to two decimal places.

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 2 minutes ago

asked 6 minutes ago

asked 13 minutes ago

asked 15 minutes ago

asked 38 minutes ago

asked 44 minutes ago

asked 44 minutes ago

asked 45 minutes ago

asked 50 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago