Assume you expect to earn 12% annually on your investment account. You already have $33,556.25 in your brokerage account and you plan to deposit $5000 at the end of every future year until your account reaches $220,000. How many years will it take to reach your goal?
Assume you expect to earn 12% annually on your investment account. You already have $33,556.25 in your brokerage account and you plan to deposit $5000 at the end of every future year until your account reaches $220,000. How many years will it take to reach your goal?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 22P
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This is my question: Assume you expect to earn 12% annually on your investment account. You already have $33,556.25 in your brokerage account and you plan to deposit $5000 at the end of every future year until your account reaches $220,000. How many years will it take to reach your goal?
I thought to find N I would enter 12 for i/r, 33,556.25 for PV, $5,000 for PMT, and 220,000 for FV then hit cpt to find N and my calculator is giving me an error. Could use some help with this one.
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