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Time to reach a financial goal You have $16,296.74 in a brokerage account, and you plan...

Time to reach a financial goal

You have $16,296.74 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $250,000. 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.

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Answer #1

Present value= $16,296.74

Interest rate= 11%

Future value= $250,000

Yearly deposit= $5,000

The number of years to reach the goal is calculated by entering the below in a financial calculator:

PV= -16,296.74; I/Y= 11; FV= 250,000; PMT= -5,000

Press CPT and N to calculate the number of years to reach the goal.

The number of years to reach the goal is 15 years.

                                         

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