Oleg has $2,000 in his bank account, and plans to add 5,000 at the end of each future years until it reaches $250,000. He expect to earn 7% annually on the account, how many years (and or months) will it it take to reach his goal?
Amount investment = $ 5,000 | |||||
Interest rate per year = 7% per annum | |||||
Years | Deposite | Interest @ 7% Per Year | Running Bal | Remarks | |
0 | $2,000.00 | ||||
1 | $5,000 | $140.00 | $7,140.00 | interest charged on opening balance | |
2 | $5,000 | $499.80 | $12,639.80 | Interest charged on closing balance of last year | |
3 | $5,000 | $884.79 | $18,524.59 | ||
4 | $5,000 | $1,296.72 | $24,821.31 | ||
5 | $5,000 | $1,737.49 | $31,558.80 | ||
6 | $5,000 | $2,209.12 | $38,767.91 | ||
7 | $5,000 | $2,713.75 | $46,481.67 | ||
8 | $5,000 | $3,253.72 | $54,735.39 | ||
9 | $5,000 | $3,831.48 | $63,566.86 | ||
10 | $5,000 | $4,449.68 | $73,016.54 | ||
11 | $5,000 | $5,111.16 | $83,127.70 | ||
12 | $5,000 | $5,818.94 | $93,946.64 | ||
13 | $5,000 | $6,576.26 | $1,05,522.90 | ||
14 | $5,000 | $7,386.60 | $1,17,909.51 | ||
15 | $5,000 | $8,253.67 | $1,31,163.17 | ||
16 | $5,000 | $9,181.42 | $1,45,344.60 | ||
17 | $5,000 | $10,174.12 | $1,60,518.72 | ||
18 | $5,000 | $11,236.31 | $1,76,755.03 | ||
19 | $5,000 | $12,372.85 | $1,94,127.88 | ||
20 | $5,000 | $13,588.95 | $2,12,716.83 | ||
21 | $5,000 | $14,890.18 | $2,32,607.01 | ||
22 | $1,110.5 | $16,282.49 | $2,50,000.00 | ||
For Reach $ 250,000 22 years is required, | |||||
Amount is deposited at the end of the year so amount required in 22nd year is only $ 1,110.50 | |||||
Answer = 22 Years or 22 Years X 12 Months = 264 Months | |||||
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