You have $45,407.37 in a brokerage account, and you plan to deposit an additional $4,500 at...
You have $45,407.37 in a brokerage account, and you plan to deposit an additional $4,500 at the end of every future year until your account totals $425,000. You expect to earn 8.4% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places.
Homework Answers
As per rules I am answering the first 4 subparts of the question.
PV = -45407.37
PMT = -4500
FV = 425000
I/Y = 8.4
Solve for N as 19.53807
= 19.54 years.
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