5-5. TIME TO REACH A FINANCIAL GOAL You have $33,556.25 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?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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5-5. TIME TO REACH A FINANCIAL GOAL You have $33,556.25 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?
Transcribed Image Text:5-5. TIME TO REACH A FINANCIAL GOAL You have $33,556.25 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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