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If Derek plans to deposit $12,264.00 into his retirement account on each birthday beginning with his...

If Derek plans to deposit $12,264.00 into his retirement account on each birthday beginning with his 26th and the account earns 5.00%, how long will it take him to accumulate $3,517,821.00?

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Answer #1

Function Arguments 个 = 0.05 Rate 5% 个 = -12264 Pmt 12264 个 = 3517821 Fv 3517821 Type1 55.0328496 Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate. Type is a logical value: payment at the beginning of the period 1; payment at the end of the period 0 or omitted. Formula result = OK CancelHence, It will take 55 years

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