Question

You have $18,986.64 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $240,000. You expect to cam 13% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number years

please??

Answer 1

It will take 15 Years to reach to 240,000
Time	Opening Balance	Interest at 13%	Total Balance	Deposits	Closing Balance
1.00	18,986.64	2,468.26	21,454.90	3,000.00	24,454.90
2.00	24,454.90	3,179.14	27,634.04	3,000.00	30,634.04
3.00	30,634.04	3,982.43	34,616.47	3,000.00	37,616.47
4.00	37,616.47	4,890.14	42,506.61	3,000.00	45,506.61
5.00	45,506.61	5,915.86	51,422.47	3,000.00	54,422.47
6.00	54,422.47	7,074.92	61,497.39	3,000.00	64,497.39
7.00	64,497.39	8,384.66	72,882.05	3,000.00	75,882.05
8.00	75,882.05	9,864.67	85,746.71	3,000.00	88,746.71
9.00	88,746.71	11,537.07	100,283.78	3,000.00	103,283.78
10.00	103,283.78	13,426.89	116,710.68	3,000.00	119,710.68
11.00	119,710.68	15,562.39	135,273.06	3,000.00	138,273.06
12.00	138,273.06	17,975.50	156,248.56	3,000.00	159,248.56
13.00	159,248.56	20,702.31	179,950.88	3,000.00	182,950.88
14.00	182,950.88	23,783.61	206,734.49	3,000.00	209,734.49
15.00	209,734.49	27,265.48	236,999.97	3,000.00	239,999.97