Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 25P
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Question
5.
You have $42,180.53 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 12% annually on the account. How many years will it take to reach your goal?
Answer to the nearest whole number of years.
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