You have $57,806.75 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $280,000. You expect to earn 11% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.
Given,
Present balance= $57,806.75
Yearly payment proposed= $5,000
Future sum needed= $280,000
Rate of interest= 11%
Therefore, Number of years required to reach the goal = 11.00 Calculated using NPER function of Excel as follows:
You have $57,806.75 in a brokerage account, and you plan to deposit an additional $5,000 at...
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