Question

Have $54,118.54 in brokerage account, and plan to deposit additional $3000 at the end of every future year until account totals $210,000. Expect to earn 10% annually on the account. How many years will it take to reach goal?

Answer 1

11 years

Step-by-step explanation:

PV= 54,118.54

FV= 210,000

I/Y= 10

PMT= 3000

N = ?

Number of years = N(Rate, -Pmt, -Pv, Fv)

Number of years = N(10, -3000, -54,118.54, 210,000)

Number of years = 10.9999949

Number of years = 11