5-5 TIME TO REACH A FINANCIAL GOAL. You have $33,566.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $220,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal?
5-5 TIME TO REACH A FINANCIAL GOAL. You have $33,566.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $220,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 23PROB
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Transcribed Image Text:5-5 TIME TO REACH A FINANCIAL GOAL. You have $33,566.25 in a brokerage account, and you plan to
deposit an additional $5,000 at the end of every future year until your account totals $220,000. You expect
to earn 12% annually on the account. How many years will it take to reach your goal?
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