Question

You have $12,241.93 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $210,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.

Answer 1

Answer:

The number of years is  15 years

Step-by-step explanation:

From the question we are told that

     The present value is  $PV = - \ 12,241.93$

     The year payment required to reach future goal is $PMT = - \ 5,000$

      The future goal is  $FV = \ 210,000$

      The interest per year is $r = 10\% = 0.10$

The negative sign shows that the fund are not gain made but they are being deducted        

Using the  excel formula NPER (r ,  PMT ,  PV ,  FV , 0  )  

Here the 0  stands for type  

The implantation on excel is shown on the first uploaded image